Feeder Cattle - Wave A is finally coming to an end near 130.78

Feeder Cattle - Wave A is finally coming to an end near 130.78

Feeder Cattle - Wave A is finally coming to an end near 130.78 

Feeder Cattle is one of the more odd commodities I track from time to time. Way back in October 2014 I called the top near 244.80 (you can see that post by clicking here). In that same post, I call for a long term downside target at 131.53, well we will likely overshoot this target by a small fraction as the low is expected to be seen near 130.78.

As wave A is coming to an end, with an ending diagonal as wave v of A, we should be looking for wave B higher, with the first target to look for being the origin of the ending diagonal at 169.58. However, looking out further, I expect wave B likely will move higher towards 187.80 and possibly even higher to 201.25 before turning lower again in wave C. 

The clear divergence seen at the RSI indicator, does confirm that an important bottom is close by. 

Just a final word of caution. Remember that correction in the commodity complex often are extremely violent. 

This is a perfect example of the power of Elliott Wave Analysis. First spotting the top almost to perfection and then the bottom of first impulsive wave lower. To enjoy more calls like this, join the EWS as a member and be ahead of the rest. 

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Feeder Cattle - Top confirmed

Feeder Cattle - Top confirmed

Feeder Cattle top confirmed 

The break below 236.75 has confirmed the top at 244.80 and the we should see a strong move lower over the coming weeks and months. 

The first minor target is the upper pitchforks support-line near 224.00, but, this support will likely not be able to withstand the downside pressure for long. 

The long term target is at the bottom of wave 4 at 131.53. 

Soybean Oil - Building a nice triangle before lower

Soybean Oil - Building a nice triangle before lower

Soybean Oil - Building a nice triangle before lower

Soybean Oil is building a nice triangle before lower to the 28.50 - 29.00 area 

Soybean oil is in a long term downtrend, which should ultimately take us to 19.10 (bottom of wave 4 of one lessor degree). However, we will not go there in a straight line and need a couple of swings on the way lower.

Currently a nice triangle is building, the triangle isn't finished yet, but we are getting close and once the triangle consolidation is over, we should see a thrust out of the triangle towards the downside for a continuation lower to the 28.50 - 29.00 area to end red wave v and black wave iii. This will set the stage for some kind of flat correction correction in black wave iv. As black wave ii was a simple zig-zag correction, we should expected some kind of flat black wave iv to unfold. It could also be a new triangle consolidation, but as triangles is made up of combinations of zig-zag's the first wave will be the same.

Once black wave iv is over in the 32.00 - 33.00 area we should look for the final impulsive decline towards 19.10 to end wave Y from 60.40.   

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Felipe
2014-05-26
Hi,

I recently tried a 30 day membership and I am very happy with the service. Pls keep up the great work!!! I will continue renewing!!

Felipe
Tommy
2015-02-26
Great call on nat gas

Just wanted to drop you a note to say great call on nat gas as it held 2.67

Great job.

Tommy
Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...