December Live Cattle
One definition of “stepping stones” is an undertaking or event that helps one to make progress toward a specified goal. This I believe describes the current price path of the December Live Cattle Market. The extended upside projection zone comes in between 126-127. Today’s extreme at 123.825 has produced no sign of momentum divergence that one usually observes at a moves terminating level. This property should be viable in multiple time frames. I am making room for one more subset correction which needs to hold above the 119.175 high. A pullback should be non-impulsive in nature and will most likely fall around the .382 retracement level from the 114.525 low. Currently that comes in at +/- 120.30. This level also coincides with pitchfork support. This inflection point should produce another leg up which will most likely target the upper projection target at 126-127.
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.
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Please join me next Wednesday as I apply Wave Theory and Geometric targets levels to this and other commodity markets.