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.