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Holy Cow: December Live Cattle


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December Live Cattle

The December Live Cattle market finished the session strongly as it rose to settle just off the weeks highs at 127.300. The 126.500-127.500 level was targeted in earlier reports. Longer term speed line resistance and the Fibonacci extension level convergence zone comes in overhead at 131-133. I had suspected a measurable subset correction was due which would set the base for the next leg up. This has yet to play out. Yesterday's pullback which closed below the pitchfork median line failed to trigger any follow through. I believe we are in an extended third wave of an extended extended fifth wave of an impulsive move which commenced from the low of 106.725. Applying Fibonacci guidelines to this perceived sequence of the pattern gives us an estimation target of +/- 130. The first sign of an intermediate correction would be a trade below 125.500. Underneath support level comes in at +/-123.

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 apply Wave Theory and Geometric targets levels to this and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

312 878 2391

888 391 7894 toll free

312 256 0109 fax

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Walsh Trading

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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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