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Texas Longhorn : December Live Cattle

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December Live Cattle

The Texas Longhornis a breed of cattle known for its characteristic horns, which can extend to over 1.8m tip to tip for bulls. In my opinion this elongated characteristic aptly describes the nature of this last leg of the advance in the December Live Cattle market. I have labeled the low of 112.900 earlier this month as the 4th wave extreme of what I believe to be a 5 wave sequence impulsive move. This level set the base for the 5th wave advance of the structure. The projection level of 119 was achieved on October 11th from which we saw a decline to 114.525. This wave was another corrective pattern and thus gave birth to another ascent of roughly equal value. This leads me to believe we are observing an extended 5th wave. These are not all that common. In an attempt to accurately map out the market's path I have employed ratio, proportion and extension studies. If my assessment is accurate this move has the potential to reach for +/-124.5-126. I have allowed for two counter move pullbacks. Near term retracement support comes at +/-119. . The next leg would project to +/-122. Any subsequent decline needs to hold the 119.175 level to keep the structure in tact. Another and final advance would target the 124.500-126. This is all very tricky. A violation of 117.300 negates this scenario.

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.

My direct line # 312-878-2391

John Lunney

Senior Technical Analyst

Walsh Trading

312 957 8108

888 391 7894 toll free

312 256 0109 fax

Walsh Trading

53 W Jackson Suite 750

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

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