Trading Setups and Strategy for the week of October 2nd
The Weekly Call is a feature at The Art of Chart where we discuss setups and trading strategies for the coming week. This week we review Cattle, Gold and the Nikkei.
Live Cattle follow up
From our original call, we expected a bounce and then a move lower into the low window. This week is the low window and we are expected a turn before the 6th. Expecting a 7 swing move lower, so far 5 swings are done. This is an 18 month cycle low which means we may have a potential trend change in the coming months. First target is $112, then a backtest and a breakout above the trendline by end of October.
Cycle Chart for Live Cattle
On our last post, we recommended waiting on Gold for a better setup long. We are still waiting. 1300 may prove to be demonstrated support this week. If seen this can be a possible long to 1361. Significant resistance at 1361 will call prices lower, break 1361 to the upside and Gold has a chance to rally to 1411.
On the Nikkei, look for a short term pullback to as low as 16400 then a move higher into 17595. No profits yet as we are looking to short this area. We do not recommend trading the Nikkei long, we are WAITING on the setup.
Cycle Chart for the Nikkei
Have a GREAT trading week!!!