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"As Simple as, Do Re Mi" : December Live Cattle

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December Live cattle

"As Simple as, Do Re Mi" is the lyrical verse from the iconic A-B-C song by the Jackson Five. Well it's hardly that simple in most cases. In terms of wave analysis it actually requires hours of study and work. This is true in most ventures if one desires to be successful. In the process of drawing a conclusion regardingthe direction of any market it is always favorable to hold primary and secondary opinions. I am currently proposing two different scenarios in which both draw similar results. I believe the cattle market is in the process of a corrective decline which has yet to run it's course. The breakdown from the recent high followed by the rebound from the 114.550 level appears to be developing the a-b waves of a ( a-b-c ) pattern. The question is weather or not it is completed. In yesterday's action as well as today's prices have failed at the speed-line resistance level. If it is complete then the inner high of 117.225 marks the end of the structure. Holding below +/-116.800 would point to a c-wave selloff underway which extends to the 1 x 1 measurement of +/-112.500. It is possible that the corrective b wave has not yet terminated. Should the market fortify the 117.000 level a likely extension to +/- 117.900 would play out. I'd expect the market to get turned back from here. Either proposition in my opinion suggests lower prices. The 200 day moving average at 113.00 is also a likely target.

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 use the wave principle to analyze the cattle and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

312 957 8108

888 391 7894 toll free

312 256 0109 fax

jlunney@walshtrading.com

www.walshtrading.com

Walsh Trading

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Chicago, Il 60604

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