December Live Cattle
The bearish tones of the last Friday’s post close report sent a ripple through the live cattle market in early trading. After posting a low of 115.00 the market snapped back in a 5 wave sequence to 117.37.5 before easing off to settle at 116.750.. It appears to me that this move has completed the a-b-c patterned B wave of a larger A-B-C corrective decline. Holding below +/-117 will lean on the contract. Mild near term support comes in at 116.00-116.350. A crack here should follow thru to roughly 115.800 at the hourly pitchfork level. Addressing the structure of such a move should produce clues. An impulsive count will suggest an ultimate violation of the 114.525 low of last week with projection levels coming in between 113.200-112.500. A rise and hold above 117.100 would point to further upside action. Overhead cross zone resistance comes in at +/-118.200.
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 technical approach. Employing my expert skill set I’d be pleased to offer a free customized outlook for a product in your specific field.
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