A deep pullback here?
Live Cattle - Top ?
- Thread starter syswizard
- Start date
157.11 is my weekly A down.
If it can get past 50% of the last bull leg, I'm thinking it could touch 149.7.
I had a long position (sold it too soon) and was gonna short the swing but the price action favors a continued bull run. Besides, in order to take this short, I'd have to risk more than I'm comfortable losing, so I'll let the pullback play itself out and get back in long.
Yes, this COULD be a pullback for a shot to new highs.
However, this bull run is getting long in the tooth.
Price has got to break 160 with conviction for new highs.
Talks of a weakening economy do not help the bull case here.
I'm curious, what are you using as your catalyst to get short? I don't see any weakness. But that is just my opinion and I'm wrong a lot. Is there something specifically you are waiting to see that will make you get short?
Looks like that bull swing is setting up. It's having trouble breaking that level of supply, however.