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Cattle by the Numbers (Fibonacci) UpdatedCattle October This is an update to the post on 9/18/24 it will help in understanding how we do what we do! Cattle by the Numbers (Fibonacci) Here is this week's outlook, 8/29/24 CattleOctober From last week,
. Use 179.60 as the swing point for the week. Above it, turns the short term trend positive and we will look for 61.8% of the same move at 183.20. On an extended move higher look for 78.6% at 185.73. Below it, look for new lows and 78.6% of the 12/7/23 low and 7/25/24 high at 173.00. A failure to turn higher from this area will give us a long term target area of 164.50, this is 23.6% on the continuation chart and the 164.04 major Gann square. One thing to watch for is a failure to make a new low in the area of 78.6% at 174.92, this is also a major Gann square, as this can cause a sharp rally. ONE44 Analytics where the analysis is concise and to the point Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares. If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member. You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines. Sign up for our Free newsletter here. FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results. On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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