Cattle
October
(LEV24)
This is an update to the post on 9/18/24 it will help in understanding how we do what we do!
Cattle by the Numbers (Fibonacci)
Here is this week's outlook,
8/29/24
Cattle
October
From last week,
Last Thursday's close was right back below the 181.30 (38.2%) swing point for the week and the break from it took it to new lows ($8.00 break), but short of the 173.00 (78.6%) target. The key level for this week will be 23.6% (177.35) back to the 7/25/24 high when it hit 78.6% at 189.00.
Use 177.35 as the swing point for the week.
Above it, the short term target is 38.2% at 179.60, a failure to get above this level keeps the current trend negative and new lows can follow. On....
Last week held the 174.92 major Gann square and the rally through the 177.35 swing point for the week hit the short term target of 179.60, failing to get above this keeps the current trend negative and new lows can follow.
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Use 179.60 as the swing point for the week.
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, look for new lows and 78.6% of the 12/7/23 low and 7/25/24 high at 173.00. 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. One thing to watch for is a failure to make a new low in the area of 78.6% at 174.92, this is also a major Gann square, as this can cause a sharp rally.
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