Some significant overlapping of waves this week has helped to confirm the E wave of a major wave 2 correction in feeders complete.   Feeders have the same short term wave count pattern as fats.  This current wave 1 up has upside targets to between $147.00 and $149.00 August.  Somewhere around these areas is where I would look to do something.  I don’t know what, but maybe lighten up longs, maybe reassess some risks,  or for feed yard managers, how to hedge such a wide negative basis.  Once wave 1 tops, the correction will be viewed as an opportunity to adjust any remaining short hedges.  I believe as well that feed yard managers may be able to benefit from a narrowing of this over $9.00 wide negative basis.  Like the fats as well, the closer we can get to the second week of June, the better I think the market will be.  Get this wave 2 correction out of the way around that same time frame, and I would anticipate feeders to push higher through the summer.