More Cow Bell? October Live Cattle

John LunneyGeneral Commentary

October Live Cattle

     It appears that the cattle market has established an impulsive structured advance (5 wave) stemming from the lows seen last week. What this means in wave theory is that it is an early indication of a lead subset wave (i) which should give way to further advancements. The pullback in today’s session from the early high seen at 109.750 should be seen as a corrected wave (ii). Where this correction ends becomes the concern. Immediate support comes in at 108 with a slip here extending to +/- 107. This lower level marks the speed support and Fibonacci  convergence zone. From this base I be looking for the development of a (iii) wave impulsive rally the strongest move of the (5) wave structure. A close above 110 should reach for +/- 112.700. Next upside extension level comes in at +/-116.300. A failure below 106 negates this scenario.

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.