A major top has been confirmed on the live cattle price graphs, projecting significantly lower prices.
The weekly continuation graph completed a 14-month H&S top on Aug. 21. The general target of this top is sub-120.
The decline on Sep. 1 confirmed a life-of-contract double or failure top in the weekly graph of the Oct. futures contract. This pattern has a target of 123.50 or so.
Today’s decline (Wednesday) on the daily graph of Dec. Cattle completed a life-of-contract failure top with a target of 124.40.
Factor has taken a short position despite the fact I will be out of touch with the markets off and on for the remainder of Sep. I am using a protective stop at 144.05.