December Live Cattle has topped out the last shoulder and has gone to a spinning top. Expect drop Wednesday down to 121.250 at about the 2 day moving average. If it can go below this mark and stay below, then pivot at 120.775 would be the next target. Neckline comes in at about 120. If we see a fall through this target, height of right shoulder comes in at S2, 117. For now this is still a bull market. Expect rejections along the way or a turn back up to higher prices.
Note
December Live Cattle never made it's head and shoulders, but has continued upwards in with this strong bull market.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.