Live Cattle - Top ?

Top was 1.56 and now we are retracing the recent drop to 1.46.
We are either going head-and-shoulders here or double top.
No way these prices will be supported forever....demand must drop.
 
syswizard said:
Top was 1.56 and now we are retracing the recent drop to 1.46.
We are either going head-and-shoulders here or double top.
No way these prices will be supported forever....demand must drop.
More...
Personally, I'm looking for a short as soon as this rally exhausts itself. I was supposed to have gone long the rally but took my eyes off of it but I think the short is gonna be the better opportunity.
 
The only thing that could derail the short idea is a huge move up in the equity markets.....making everyone get into that "risk off" mentality.
Commodities will float right up on top of the bubble with stocks.
 
Maverick74 said:
New highs today...
More...

Yep, that last pullback was bot with ferocity......the chart is painting a classic Elliott 5 Wave thrust....we are in the 5th (last) wave. If the economy weakens and consumer discretionary income declines, this could end quickly.
 
syswizard said:
Yep, that last pullback was bot with ferocity......the chart is painting a classic Elliott 5 Wave thrust....we are in the 5th (last) wave. If the economy weakens and consumer discretionary income declines, this could end quickly.
More...

Here is my live cattle chart. That 157.85 is a good level.
 
You must log in or register to reply here.
Back
Top