April Live Cattle
The cows took in on the chin this week. Monday’s opening set the high and subsequently took out the priors week low falling beneath the the daily cloud support. The market continued its lack luster performance for the remaining four sessions. The next support zone checks in between 115.200 and 114.500. This area marks the speed-line and the inner wave low. Below here it gets pretty bleak for our four hooved friends as I see no visible support until 111.900. That being said if they keep it together at first zone they’ll most likely attempt a run at +/-119. A fortification here sets the stage for continued advance to +/-122.500. Keep an eye on the on that 115 level. I suggest waiting for some form of confirmation before establishing any position such as multi- frame divergence. A minor 5 wave rebound would be a good sign. I analyze 10 minute price charts to assess the structure.
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my insights into this or any market of your interest.
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