Technical Analysis: Use Fibonacci To analyse Cow Prices!

Ah, technical analysis. We have no idea what it means. But the fact that someone believes you can monitor cow prices using the Fibonacci sequence is just awesome.

Insider Futures: In chart 1 let’s look at where the market is currently trading and what could happen in the near term.  I want to look specifically at the top trend line that when broken in the middle of Oct the market rallied to $87.90, which was almost a .618% retracement of the break that started on July 28.  The market has now traded down and tested the extension of this once bearish trend line at roughly $82.80.  The market should now correct up into another Fibonacci resistance level between $84.07 at a minimum, but most likely a correction back to a .382% level at $84.32.  Once this is complete the market should then resume its downtrend to new lows which I will cover in chart 2. The market should not go back over $85.27 in the near term, or we will have to come back a revaluate the market going forward.

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