Cattle
The chart is key to this analysis.
9/19/24
October
From last week,
The break at the beginning of the week failed to make a new low and never closed below 78.6% at 174.92 and this can be the start of the next good rally, however it must take out 38.2% (179.60) first.
Use 179.60 as the swing point for the week again.
Now,
It was a quiet week and while not making a new low around the 78.6% retracement at 174.92 can be the base of the next bull move, it has been unable to get through 38.2% at 179.60 to turn the trend positive. All of the Above/Below levels remain the same for this week.
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Use 179.60 as the swing point for the week again.
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Above it, turns the short term trend positive and we will look for 61.8% of the same move at 183.20. On an extended move higher look for 78.6% at 185.73.
Below it, the short term target is 78.6% of the 12/7/23 low and 7/25/24 high at 173.00. A trade down to this area and a close back above the 174.90 major Gann square can cause a sharp rally. Â A failure to turn higher from this area will give us a long term target area of 164.50, this is 23.6% on the continuation chart and the 164.04 major Gann square.
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