Thursday, February 13, 2014

feeder cattle..... a push back to 172 ?

Looks like we may get a push back higher to the 172 target area on front month march feeders. This would actually be in line with what the Fats are looking like.On the monthly feeder chart am showing that there  a monster correction in commercials net long position while the market was rising. This  usually means a price correction is coming.( I normally like to see this on the daily chart as opposed to the monthly as monthly can drag out ).The current count is we are in a wave 5 on the daily chart in a contracting ending diagonal and a breach above the 171-171.50 area should see a quick reversal to the downside if this count is correct.

Good trading 
CK


Feeder cattle daily chart



Feeder cattle monthly
 

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