This is a five wave pattern in Lean hogs. (actually the fifth wave looks to have just started and should unfold in a five wave pattern as an impulsive rally. It is usually equal to the length of the first wave that started at the end of march and ended the start of June for wave 1.
5th wave scenarios give you three possibilities and the first 2 scenarios that come into play are (wave 1 will be equal in length to wave 5,as described already.) or a truncation( not making it to the old wave 3 high and reversing and closing under the prior wave 4 labeled in the Lean Hog Daily chart above. The third possibility would be the length of wave 1 thru wave 3 multiplied times .382 then .618 As wave 3 extended I'm not looking for this 3rd possibility to play out. (As a rule I refrain from taking a long position 4th waves). I'm expecting this 5th wave to end somewhere around the 96.77 level....this market also has a little pattern that repeats 8 outta 10 times in a certain time frame, but you'll have to drop me a note for that one.
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