August Live Cattle
The cattle market chopped around in lower to sideways action in today’s session. I believe a lot will revealed in tomorrows trading. If this is a (iv) wave corrective rebound unfolding it should not rise above 112 which is currently major cross zone resistance. If prices move sideways to slightly higher and then falter the market may be tipping it’s hand. This would be pointing to an impending (v) wave impulsive decline which will target +/-106.800. On the other hand, as mentioned above, a breach of 112 would lead me to believe that a good (B) wave low is in place. This will in turn be followed by an impulsive (C) wave advancement. We will have to cross that bridge when we get there and continue to be open-minded as we digest new market information.