Cattle 

(LEV24) 
October

We have been doing updates on the Cattle market in posts on Barchart showing how the Fibonacci retracements with the ONE44 rules and guidelines and major Gann squares work.

The recent high could not get a close above 179.60, this is 38.2% back to the 7/26/24 high and was the level that had to be taken out to turn the trend positive. Following the ONE44 38.2% rule we are looking for a new low. In the previous two posts below you can see what we were looking for and what followed. We also explain what the levels are that the market turned on going back to last December. 

Below the links is our latest Weekly Update for Cattle that we put out on Thursday 9/5/24.

https://www.barchart.com/story/news/28083893/cattle-by-the-numbers-fibonacci
 

https://www.barchart.com/story/news/28316323/cattle-by-the-numbers-fibonacci-updated
 

9/5/24

Cattle

October

From last week,

Last week held the 174.92 major Gann square and the rally through the 177.35 swing point for the week hit the short term target of 179.60, failing to get above this keeps the current trend negative. and new lows can follow.
 

Use 179.60 as the swing point for the week.

The market was unable to get above 38.2% back to the 7/26/24 high at 179.60 and this keeps the trend negative for now and new lows can follow.

Use 179.60 as the swing point for the week again.

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, the short term target is 174.92, this is 78.6% back to the 8/21/24 low and a major Gann square. A failure to make a new low in the 78.6% area after coming off from a 38.2% (179.60) retracement can be the start of the next leg up. On a failure to turn up from this area there is still 78.6% of the 12/7/23 low and 7/25/24 high at 173.00 to watch for support. A trade down to this area and a close back above the 174.90 major Gann square can cause a sharp rally. 

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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.

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