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Milk fell further into Butterfly Extension
June Milk fell into a Butterfly/Cypher extension Thursday and then rose today. Market not finished with the downtrend. Possible sideways progress from here until proof of direction is determined.
Right now we might have a bearish flag. Again confirmation needed for Monday. This market could extend down into 14.91.
Double bottom extending back into 2016-03-18 is where 14.91 comes. That would be a complete 161.8 extension of butterfly. This would then change the next pattern into a possible Gartley pattern, or to Bat depending on the retracement. Bat retracement to gap would be a little over 50%.
Right now we might have a bearish flag. Again confirmation needed for Monday. This market could extend down into 14.91.
Double bottom extending back into 2016-03-18 is where 14.91 comes. That would be a complete 161.8 extension of butterfly. This would then change the next pattern into a possible Gartley pattern, or to Bat depending on the retracement. Bat retracement to gap would be a little over 50%.
Nota
Milk rose up today and pierced resistance. Looking for upward movement to 16.70 for gap. We have seen this up and down play out now for 4 days. Obvious support 15.41. We will see tomorrow if this in fact is going to go up and start making a Butterfly pattern.
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