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Medium or Rare? : December Live Cattle


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December Live Cattle

How would you like your steak sir? That describes the current state of the December Live Cattle market as the key technical level of 116.325 was violated in today's session. This piercing of the 1st wave high is what I have been leaning on to assess the future price path of the cattle futures. This simple act now eliminates this recent pullback from 119.175 as being classified as a 4th wave correction and points to a more ominous development. Currently I am labeling the high extreme as a completed 5 wave advance and thus the door, I believe, is wide open for a more deeper retracement. Today's close does rest on channel and speed-line support and a bounce here would not be out of the question. In that event I'd suggest the next opportunity would be the shorting of any non-impulsive advance. Targeted overhead resistance comes in at +/-117.700 with an intermediate point of contention at 116.750. Anchoring Fibonacci studies from the lows at roughly 106.500 while employing other geometric disciplines points to a future price deterioration to +/-112.400. Holding below 115.700 should bring in more selling.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my technical approach. Employing my expert skill set Id be pleased to offer a free customized outlook for a product in your specific field.

Please join me next Wednesday as I use the wave principle to analyze the cattle and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

312 957 8108

888 391 7894 toll free

312 256 0109 fax

jlunney@walshtrading.com

www.walshtrading.com

Walsh Trading

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Chicago, Il 60604

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About the author


John Lunney began his trading career in 1989 as a clerk for IFO, the largest futures and futures options brokerage on the CME floor. Within one year, John was promoted to an executing floor broker responsible for handling large individual and institutional accounts. John’s knowledge of option theory and tactics quickly attracted a growing customer base. In 2000, John began exclusively trading futures and futures options for his own account. John later became a founding member of VI Capital, a proprietary trading company funded with personal and investor funds. At VI Capital, John was the director of risk management, technical analysis and strategy development. VI Capital realized multi digit returns over the course of 8 years of trading.

John has extensive trading experience in stock indexes, metals, commodities, energy and agriculture products. He believes that hard work reveals the best trading opportunities, and strong discipline creates consistent results. John possesses a unique ability to connect with customers, understand their goals, and work with them to create long and profitable relationships.

Contact John
Phone: 312-957-8108 or 888-391-7894
Email: jlunney@walshtrading.com

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