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The Duke: December Live Cattle

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December Live Cattle

John Wayne, know as the "Duke", had a familiar and infamous staggering gait. One theory says the Duke broke his leg before he hit it big, and that created his off-balance walk. This wobbling characteristic, in my opinion, is an apt way to describe the current technical condition of the December Live Cattle market. I had previously labeled the high at 119.175 as the terminating level of the 1st wave of the extended 5th wave of the advance commencing from the 106.725 low of mid August. I had been calling for another and final leg up which would challenge 131-133 level.. This scenario's likelihood was dependent upon the failure of any correction to violate 119.175. The landscape has changed and because of this I now believe the sequence to be complete. From the recent high the market has currently retraced .618 of the final leg up. This is typically a support level which doesn't in any way eliminate the chance of an utter rug pull. That being said if the market can hold above the 119.100 level we could see a mild recovery. First minor overhead resistance comes in at +/ 120.800. A fortification should reach for +/-122-122.300. I'd be expecting a reaction off this level. Extreme upside target level rests at +/-123.900. One needs to look for structural clues should we witness a rebound. If the advance can be categorized as non-impulsive a short position would be recommended. Downside target convergence zone checks in at 115.300-114.800.

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

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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.

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Phone: 312-957-8108 or 888-391-7894

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