June lean hogs wave 4 happening?

June lean hogs are seeing a nice rally close to the highs we saw this month. It appears still to be in a complex wave 4 flat correction if we hold the highs. This is still my main count as of this post. 

$cat in a w2?

$cat looks its  putting in a zig zag for a wave 2 and a break under the 67.24 could move this stock back to 40-50 price range…target for the wave 2 to end would be 102 20-102.50. 

April/June gold is a extended wave 5 rdy to start?

April gold on the daily chart looks to be putting in a deep zig zag for a wave 4… if it is a w4 by no means should we move below 1280.10. As wave 3 did not travel it's full distance then a 5th wave extention should be expected. Very good chance I take a shot on the long side here as reward out weighs the risk here in my opinion.  

Positions. Long June contract 1293.50 

Facebook wave 3 down target approaching

Facebook has played out nicely and the wave 3 target is approaching at 60.00. I will be taking profits on half the position. And the other half will let go as I still believe we head lower…

Intraday wave 2 playing out in nat gas?

Looks like a possible 5 waves up on May nat gas and looks like we may be in a corrective wave 2 intraday… a push back to the highs breaking 442 and 443 today sets up a wave 3 higher to around the 4.60 price range if a full wave 3.

Holding long positions and will be adding on June and aug on a break over these levels mentioned above.  

Quick look at May feeders

Looking at May feeders it appears prices are moving in on my target of 18105 to 18115 for an extended wave 3. 

Normally I do not like selling wave 3,s but the risk reward on this trade will be low so I may step in front of this grinding 3 . Still watching for now.

April fats… wave 4 targets

April fats after chopping around some look to finally be heading lower in the wave 4… targets are 140.71 to 138.83 as I am expecting it to be a deep correction. 

Lean hog… we're in the money

Lean hogs appear to be putting in the wave 4 correction and it should be deep and a complex pattern. Targets are 11975 down to 11552. 

Positions :still holding shorts from low 132's

Natural gas n the golden number…

Natural gas almost hit the exact .618 number today at 4.248 on the May contract and held.. It also closed in what looks like a bullish candle so the wave 4 may have completed today and the wave 5 higher should begin soon. I'm also looking for this 5th wave to extend… 

This is my main count as of now. Once levels are broken on the upside I'll be able to draw targets for the 5th wave impulse.

Interest rates… where do we go from here?

On 3/13/14 I posted a shot at a bottom call for short term interest rates … I am revising my count a bit further out as it looks as if we have completed the "A" wave on dec 2016 euro dollars and currently working on the B wave. All we are gonna need now is the c leg that could possibly take the form of a contracting ending diagonal to finally bottom out interest rates in the May June time frame. 

The lowest target for the b wave would be the 9742-45 area but it's very possible that we have seen the low as of this morning on the contract at 9760 1/2.

I'm still watching this contract as I believe  this will be a great position for a long term ride to higher rates. 

No positions as of yet… patience is the key here.  

Targets if this is the correct count would be a test and possible breach of the old highs at 9870- 9880

Coffee… correcting in a w2

Coffee retracing perfectly… (see 3/15 post) 

 Coffee is getting very close to my first target around 162.50-163.00 and I will be taking profits on my short position. The correction appears to be setting up for a bottom and I will be looking to move back to the long side.  Watching for now. 

Cattle trade…wave 4 targets

Live cattle are finally pushing towards my wave 4 targets of 14075 to 13886 in a deep wave 4… ( April contract)) 

Sugar trade …

Great chance sugar has corrected enough in 1 of my fav setups. I'm currently buying as I have reached my target price of low 17's to high 16's. Now I need a quick reversal and a gring higher into the close

Positions: oct 1752,1753 and resting orders at 1745. 

Copper due for a bounce…

May copper looks to have finished the impulse down and I'm looking for a bounce and possibly a bottom in place . 

As you can see from the chart below , commercial traders are at an extreme on the daily chart and a nice bounce looks like it may be just around the corner.

Natural gas still in wave 4?

Natural gas looks to still be putting in a w4 corrective wave as they are overlapping and definitely not impulsive… 

It will cease to be a wave 4 if we get a push below the 4244 level. Right now it feels like a deep wave 4 as wave 2 was shallow.  We shall see if this is the correct count and if it is the wave 5 up it should be a doozy

Canadian dollar… 5th wave of c leg

The 5th wave of the c leg in this zig zag for a w2 looks almost complete. How can I tell we have broken into the 5th wave? Anytime you see a triangle forming the probability that you are in a 4th wave is very high. We just demonstrated this on the Canadian dollar and a target of 86.50 to 87 can be drawn. Another clue that we may be finishing up is that the commercials are heavy net long as you can see by the chart above.

June Pork… what goes up must come down

The pork has been relentless but it looks as if the 13227-13240 on the upside  is holding for the time being. A second count having June hogs starting the wave 1 @ 87.02 and ending @ 10212 is still a possibility and moves the wave extension to the 13740 area. My first wave extention will be the primary count @ 132.27-40. 

Positions: still holding short from 132.30 and 132.15. 

Pork top in place last night?

After watching pork for a while we have finally hit a price that may provide some good overhead resistance as my price target for wave 3 of three has been hit at 132.20-30 as stated in my last pork update.

 If this indeed is the correct count then we should see a deep wave 4 to 1st target of 119.10 and second target of 115.00. While wave 3's are dangerous to short the risk reward on this trade seems to be at a great ratio to trade. 

As of this writing we are currently 132.425 on June lean hogs…

Positions : short June from 132.15, 132.30 . 

Cup and handle setup for dec corn

Dec corn looks like after small 5 waves up we are in the process of making a cup and handle formation to bottom corn out. It appears we are in a possible zig zag for a wave 2. Target price for dec corn are 468.1/4. And once complete we should see a nice rally in a wave 3 of wave 1 on the daiIy chart. 

Dec corn daily chart