Rebound: August Live Cattle

John LunneyGeneral Commentary

August Live Cattle

     The cattle market made an early low at 107.925 and snapped back in impressive fashion to post high of 110.325 before settling just off upper extreme at 110.050. I’d be expecting further modest upside action from here. Any choppy advance should find resistance around 111 to 111.500. If it play out like this I’d would argue that it is a (iv) wave correction and ultimately should give way to a (v) wave decline. Downside target zone comes in at +/-106.500. An advance above 112.000 negates this scenario.