Feeder Cattle - Strong close last week calls for minimum 169.58
Last weeks strong close at 149.65 confirms that wave A from 244.80 to 134.13 is complete and a zig-zag correction to at least 176.28 and possibly 189.35 will be seen over the coming months in wave B.
Wave v of A turned into an ending diagonal and once this formation is complete a return to the origin of the ending diagonal should be seen in half or less of the time it took to build. In this case it took 28 weeks to build, so a return to the origin at 169.58 should be seen within 14 weeks.
However, it's more than likely that the correction in wave B will move higher towards at least the 38.2% corrective target of wave A at 176.28 and possibly even closer to the 50% corrective target at 189.35, but only time will tell.
Feeder Cattle continues to display picture perfect waves and behave perfectly to the Elliott Wave Principle.
Wave v of A turned into an ending diagonal and once this formation is complete a return to the origin of the ending diagonal should be seen in half or less of the time it took to build. In this case it took 28 weeks to build, so a return to the origin at 169.58 should be seen within 14 weeks.
However, it's more than likely that the correction in wave B will move higher towards at least the 38.2% corrective target of wave A at 176.28 and possibly even closer to the 50% corrective target at 189.35, but only time will tell.
Feeder Cattle continues to display picture perfect waves and behave perfectly to the Elliott Wave Principle.
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