December hogs show signs of falling again. A recovery bounce has deflated. New pivots have been created and a possible fall to double bottom or beyond could be possible. Upside target if it can muster this is at pivot at 59.675. Downside target more likely at 56.025 - S1. New possible setup is a bearish Cypher. CME Hog index has been falling steadily for the past 2 weeks.
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Hogs presented a negative spinning top today. Could be a pause for further upward movement or signal for more downside off of a retracement. If this was a doji we could suggest more upside. 20 day moving average becomes significant. Does it break and stay above, or collapse and move lower.
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Hogs fell today tracing Bearish Cypher quite well. Hit my RSI trend line and rebounded off. Next downside target for hogs is 57, then S1.
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We also may have a 1-5 Elliot Wave developing here. The first retracement came back 50% of the wave.
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Hogs produced a lower high doji today. Neither side winning.
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Hogs started the day gaped down, rose a little, then continued to fall. Next target for bears is S1 at 56.025. Was quite a struggle getting it here. Will see what can happen Wednesday. Hard to say where this is all going to turn around. Expect a Hammer should show the way for Thursday, or further selling to put RSI in the 80 range.
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Hogs produced a long legged doji today. Looking for a bearish flag tomorrow. Could turn around also, or fall further as the morning produced a gap down sell. Still following the RSI line. Must break and stay under S1 to be a continuation selling. Buyers were held back from changing the direction.
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December Hogs created yet another doji and what could be interpreted as a bullish flag. However, October created a bearish flag. Will take the lead contract as a better forecaster. Downside target is still S1 for double bottom and possibly further. Its a Friday so be prepared for backlash. Bears have held off significant buying today.
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Bull pushed Hogs up today. Upside target is pivot 59.675, then 60.575. RSI trendline was broken through. Would suggest caution at this point. Hog index is still falling, although Bulls seem to be intent on raising Hogs more.
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Bulls pushed hogs over pivot. Big overlaps on candles suggesting a slow down. Hog Index is closing on market. Now at 61.88 and falling. 61 might be a turn around. Index now maybe the trend.
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Hogs fell today off the proposed bearish Cypher, which ended up being a Bat. Almost made my D, but did exceed pivot. Next downside target S1 at 57.800
