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Greetings Cattle Branders!
The Market Forecast Of The Week as you should know by now is November
Feeder Cattle.
The MFOW is on a roll with that last 3 weeks (since it was started up
again) hitting their marks.
I wish to draw your attention to this weeks as I expect it to do no
less!
The Fdate for Feeder Cattle (actually October, but I expect November to
continue following in sync) is 9/17. Based on my cycle work it is in
full agreement of this Fdate.
It appears as well that the market should start a good move on this date
that can last till 10/03.
On the weekly chart, the bias is down unless 81.70 is taken out on the
upside. We are in the midst of a rally based on the weekly charts.
Moving above 81.70 would change this from a rally in a downward market
to a continuation of an upward one.
Using TTC's Formation calc, I used two previous formations to find a
convergence of resistance at 82.07 that meet on 9/18! If we were to make
a top on 9/17, 18, I'd expect this to be substantial resistance.
Now, for this to happen, the cycles would need to invert, for I show
based on cycle analysis that a bottom is expected on 9/17.
Therefore, I will do the sensible thing and just wait till 9/17 to see
what it makes, a top or bottom. Then, realizing that the probabilities
are high for a turn and a move in the opposite direction till 10/03, I'd
look to enter.
Of course, hitting sup/res and going with the bias would put all the
chips in my corner.
Do you think knowing this now helps you in any way (those who trade this
market, that is. I know one bond trader who would instantly say this
information is a waste of time. :)
cheers!
:)
rick
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** Market Forecast Of The Week ** http://FSoftPublishing.com
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