April Milk formed a bearish Cypher last week. Higher prices were rejected on Thursday. Target maybe the 20 day Moving Average for another rise further up. Pivot at 14.92 would be first target before MA. If it falls through the MA then S1 would be the next available target at 14.55. If we get a rise on MA then we might be moving towards an Elliot Wave upwards. Prices have been in decline for a couple of months now. USDA price average is the yellow box, 14.70 - 15.40.
Comment:
Milk made pivot and got bought back. We may get a bounce, or a continued fail. If fall we are looking for the 20 day MA.
Comment:
Milk now trading within the USDA price bracket. Creating what looks like a three drives pattern. This would potentially move it back down to S1 and S2 area. However, if Milk decides to break R1 at 15.28, Milk will probably continue a run up.
Comment:
Milk has moved above the R1 and the three drives is no longer.
Comment:
the original Elliot wave may be shaping up.