It looks like Live Cattle is pausing to correct before next run up. On the 2hr renko chart (blksz .50), the charcoal box represents what the 5min renko (blksz .25) expands out to. I think that the 5Min will need to go through a corrective cycle prior to price continuing up.
June Live Cattle has completed a Bearish Cypher and Elliot Wave 1-5 position. Look for a possible downward trend to 100.650. Waiting for move below the 20 day moving average for confirmation. There is also a potential butterfly to 111.100 if this markets breaks out of 105.5. The overbought situation may counter any bullish move here.
Feb Live Cattle hit the first butterfly exactly today at 116. This completes the Elliot Wave initially positioned. Second Butterfly may in the future. Elliot Wave can continue further up.
Feb Live Cattle broke out of a flag pattern today and almost reached 116 and the final leg of the Elliot Wave. If we go back to 2016-08-11 and place another Butterfly, the potential upside could be 119 and then 126. This could extend Elliot Wave position 5 to 119. Beyond that you aren't within Elliot Wave general parameters. This market has touched overboughtness...
Feb Live Cattle created a bullish flag today. Potential upside to 116 is possible. Being Friday tomorrow, beer money sell might be in the future for this market. Will figure on cattle being in consolidation until proven otherwise.
Feb Live Cattle showed a negative cross suggesting a possible downtrend. Both parties battling. This market has shown a substantial overboughtness before and continue to move up. Caution depending on which way you play.
Live Cattle was up today stretching out and trying reach 116 but fell well short. Look for possible continuation or the end. Could achieve a slight more overbought before turn around. Bulls had up hill battle today. Look for the same tomorrow.
February Live Cattle broke out of its triangle to move sharply up. Look for more price volatility and upward serge to 116 to complete the butterfly. Note Double top is in play here. Caution should also be in the mix.
Feb Live Cattle was a disappointment this morning as corn rose, but rallied back to produce a higher price. Look for progression Wednesday. Corn prices surged as sales in corn are up 39% over USDA projection. Cattle market could turn into chop if corn continues higher. Elliot Wave is still intact, but chop could weaken it substantially. Looking for Cattle to...
February Live Cattle showed weakness early and ended the day in a bullish cross. Looking for more upside tomorrow and through the week to move towards 116. Still believe that the Elliot Wave is still intact.
Feb Live Cattle ended the day exactly at the 38.2 Fib and Elliot Wave position 4. Look for possible continued down trading if bears want cheaper beef, hammer up at end of day Monday, or up market at the beginning of trade day. Goal 116 top of Elliot Wave and 161% or XA Butterfly.
Feb Live Cattle sold down to 38.2 retracement from move 3 of the Elliot Wave to position 4. Monday will tell if this is a continuation to position 5 or a continued sell off to 50%. Support from Sept 22 may hold at around 109. Upside potential to 116 completion of the Butterfly.
Live Cattle traded up to my 113.225 area and completed the Cypher pattern. Look for possible Butterfly to 116 or downward action to position 4 of the Elliot Wave. Watch for hammer green at end of trading day. If red downward action most likely. If green, possible continuation upward to 116. Bulls still in control.
Live Cattle Feb 2017 continues to advance. It has met position 1, 2 and 3 of the Elliot Wave. It is coming close to the Cypher pattern and could move higher into a Butterfly, complete the Elliot Wave 4 and 5 positions. It is also in the 1/1 Gan Fan.
Feb 2017 LIve Cattle continues it's surge upwards to complete the Cypher pattern at 113.225 area. Looking to see if it will retrace at 110 or bust through this area.
Feb 2017 Live Cattle continues its climb. Broke through the 108 target. Headed to 109.125 where it was back in Sept 22. It may do a retracement back 107.475, or continue on to target 113.275 and complete the Cypher pattern.
