The hourly chart on the August feeder cattle shows 2 price peaks and 2 oscillator peaks. This leads me to perceive that wave 1 – 3 are complete and wave 4 in progress. Upon completion of the wave 4, a minor wave 5 rally is anticipated with an upside target measuring to north of $153.00. Were the 5th wave to materialize as anticipated, it will be the target desired to reduce exposure for the remainder of the summer marketing’s. If one wanted to get started on fall production, I would consider that as well. Recall that this is perceived as going to be the top of a primary wave 3 rally were the $153.00 target realized. Hence, although a primary wave 5 will be anticipated as well, the primary wave 4 is anticipated to be significant in both time and price. So, start working on what sales will be made this fall and we’ll see how close traders move price towards target and go from there. A trade above $142.40 August will lead me to anticipate the wave 4 nearing completion.