Live Cattle Elliott Wave Idea
Live Cattle futures appear to be coming to and end of a multi year correction phase.
If WXY completed at $94.6 then the motive phase may already have begun, however, if the $130 highs seen during 2017/18 were just X2 of WXYXZ then price may fall further; in WXYXZ Z must be equal or longer than X2 which suggests a double bottom at $94.6.
Some details on the waves:
Wave 1; appears to be a leading diagonal >
An ending diagonal for wave 5 of 5 (of 1) >
The big WXYXZ; made up of multiple 3 wave (ABC) structures >
If WXY completed at $94.6 then the motive phase may already have begun, however, if the $130 highs seen during 2017/18 were just X2 of WXYXZ then price may fall further; in WXYXZ Z must be equal or longer than X2 which suggests a double bottom at $94.6.
Some details on the waves:
Wave 1; appears to be a leading diagonal >
An ending diagonal for wave 5 of 5 (of 1) >
The big WXYXZ; made up of multiple 3 wave (ABC) structures >