August Live Cattle
I’m stating that this article is potentially written a day early, however, I couldn’t resits using this headline. I believe we are close to setting a (B) wave low in the live cattle market. Major underneath support comes in roughly at 106.500. Wave structure analysis also supports this view that the market is approaching a critical level. We could post an extreme through targeted support and it is imperative that one wait for confirmation. We are currently seeing divergence in the momentum indicators which also favor a rebound. Much will be told in tomorrow’s session. The daily candle formation has not signaled any buying opportunity and patience, as always, is one’s ally. Carefully assessing future information as in is made available should point to a high risk reward setup.