October Live Cattle
Once again the cattle market closed right around speed line support at 106. The contract did post a new low to 104.200 after making a early high at 107.475. It does appear that the most recent decline from the 109.750 seen on the 28th represents a five wave structure and could be of a terminating nature [ the (v) wave of a completed (C) wave of a non-impulsive (A-B-C) correction]. On the the flip side a failure below 104.800 should follow through to +/- first support target at 103.200 with lower pitchfork projections at roughly 102.200. If the market should fortify 108 it will reach for +/- 110. Looking ahead, a close above would set stage for an advance extending to +/-116.
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.