Feeder Cattle - Testing resistance near 159.00
The expanded flat correction in wave 4 continues to unfold as expected and should ultimately make it higher to the ideal target near 170.00.
Short-term Feeder Cattle is testing solid resistance near 159.00, which might cause a consolidation, but ultimately this resistance should be broken for the expected rally higher to 170.00 to complete wave C of 4 and turn prices lower in wave 5 to below 118.90.
Only an unexpected break back below support at 151.75 will indicate that the correction in wave 4 completed early and wave 5 is developing.
Short-term Feeder Cattle is testing solid resistance near 159.00, which might cause a consolidation, but ultimately this resistance should be broken for the expected rally higher to 170.00 to complete wave C of 4 and turn prices lower in wave 5 to below 118.90.
Only an unexpected break back below support at 151.75 will indicate that the correction in wave 4 completed early and wave 5 is developing.
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