Discuss current Wyckoff charts

Here's the daily cattle chart

20120315g.png
 
Hi Gary, thanks for the charts.

Ok, so the the question is; do we need to break the 12500 area? I can see your logic in looking for a short if we pullback to your level, but if the answer to the question is no, then we will be in a big squeeze back up. If that is the case then we are looking for highs at 13300 level about April 15th-20th.

Personally I do not see the need to fall below the 12400 (if indeed 12500 is probed) level at this juncture. But as always, I know nothing is certain, but would definitely want to be getting ready to be positioned long side of this market.

Will be interesting to pop back in a month and see what went on.

Good trading to you!
 
Ok, so the the question is; do we need to break the 12500 area?

Regarding cattle, it's possible we could form a trading range between 12200 and 13100 area for several months. If we take out the 13000 area, I could see new highs. But at this time, I'm not sure we can do that.

Gary
 
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