Wolfe Waves on the S&P 500 e-Mini, Lean Hogs, Live Cattle and Soybeans. — See charts below.
Ranking of the three: Soybeans will be the quickest return because its a small wave and could reach downside target today or Tuesday. Lean Hogs will yield the greatest return in the next two months. Futures contracts are cheap for hogs, just $1,320. You can invest more contracts comparatively for a given amount of money. The patterns in the E-Mini foretell the direction of the general stock market in the next few months. Down.
Shorting at Point 5 tops are low risk, high reward swing trades.
The stock market is poised to tumble based on the bearish Wolfe Wave chart pattern.
The S&P 500 E-Mini is currently at the Point 5 Top of this pattern. Lock in profits and short at will. Low risk. Your stop out could be a point above the year high of 2,443.25 (currently a double top). Today price is forming a lower swing high RIGHT SHOULDER of a Head and Shoulders top pattern.
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I’m liquidating all my 401K stocks and going to cash. I’ll rebuy them much lower when the dust settles.
Daily Chart S&P 500 E-mini. $4,840 per futures contract.
- Double Top
- Head & Shoulders. Forming lower swing high Right Shoulder today. H&S confirmed when price breaks neckline.
- Bearish Wolfe Wave
Bear Wolfe Wave on August Lean Hogs.$1,320 per futures contract.
Overabundant Supply of Pork. Read link.
Watch for price to breakdown below last week’s low of 77.60
Bear Wolfe Wave on August Live Cattle. $2,225 per futures contract.
Watch for price to breakdown below last week’s low of 116.975
This is a small 2 hour chart on Soybeans.$2,310 per futures contract. The Wolfe Wave pattern will fulfill very soon (Monday or Tuesday).
Current time of this posting is midnight prior to market open Monday June 19, 2017. Soybean market trades through the night.
Dr. Layne Hermansen is an individual trader and family physician. He has been an investor for 25+ years and an active technical analysis trader for 10+ years. His current focus is the E-Mini S&P and the grains.
Layne is not registered as an investment adviser. His commentary is for educational purposes only. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.