Cattle Call: August Live Cattle

August Live Cattle

     It appears that we are in the late stages of an a-b-c non-impulsive correction commencing from the highs at roughly 128. Any choppy advance will target +/- 110.500 at the (iv) wave retracement measurement level. I’m expecting a price rejection off this level and for a terminating (v) wave decline to unfold. Price target zone comes in underneath at +/- 106.500. This is a major convergence level. I’d be looking for a strong rebound to take place should the prior scenario play out. A rise above 112 will negate this outlook.