December Live Cattle
I have to admit I was caught flat footed by the December Live Cattle market today. Having been in step with this market from the lows of 106.725 this was perhaps the first instance where I have failed to accurately assess the markets next price move. Before today I have been calling for a corrective rally which would ultimately see the +/-113 level before the next advancing wave unfolded. Clearly the picture has changed. My wave count at this point needs to be readdressed. If the recent breakdown to roughly 114.500 is another 4th wave subset then the market will find near term resistance just above at +/-119.800 with a push thru extending to +/-120.500. If the last correction was a stunted 2nd wave th the market should reach for the upper extension zone of 123-124.500. First line support comes in underneath at +/-118.100. The first wave high of this resent advance comes in at 117.400 and is a natural point of interest. A close below here changes the landscape.
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.
Please join me this Wednesday as I use the wave principle and geometric study tools to analyze the cattle and other commodity markets.