Feeder Cattle - Long term top in place
A long term top is in place in Feeder Cattle.
The Elliott Wave Count (EWC) tells us so, but a nice little trick one can use, if a market begins to move exponential is use pitchforks. When the resistance-line of the original pitchfork is broken, then clone the pitchfork and overlay the support-line of the cloned pitchfork with the resistance-line of the original pitchfork and you will be given the next resistance points. If the resistance-line of the cloned pitchfork is hit like here. The odds for an important top being in place is very high. If this supported by the EWC and the RSI as is the case here, you can be pretty certain that the top is in place.
If I had used a candle stick chart, we would have seen, that the final spike to 244.80 was a nice "shooting star" , which was confirmed the following week.
The evidence for a long term top being in place is very strong.
The Elliott Wave Count (EWC) tells us so, but a nice little trick one can use, if a market begins to move exponential is use pitchforks. When the resistance-line of the original pitchfork is broken, then clone the pitchfork and overlay the support-line of the cloned pitchfork with the resistance-line of the original pitchfork and you will be given the next resistance points. If the resistance-line of the cloned pitchfork is hit like here. The odds for an important top being in place is very high. If this supported by the EWC and the RSI as is the case here, you can be pretty certain that the top is in place.
If I had used a candle stick chart, we would have seen, that the final spike to 244.80 was a nice "shooting star" , which was confirmed the following week.
The evidence for a long term top being in place is very strong.
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