CLF, X update 06/24

CLF: maybe our bars are ready for take off?!?! It came to about the 1.382x extension of major-a of Primary-C and back to the early 2000s low. Hence, C2 may be in. However, price is still waaaaay below its 200d SMA -it just poked above the 20d and 50d and all SMAs are bearish (pointing down and 200d>20d), thus it is prudent to wait for a bullish chart: it’s all about being on the right side of the trade not about picking tops and bottoms. Money is made in riding the right trend.

clf

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X: Should now be ina b-wave up (remember those are 3-waves and tricky to trade). Ideal target zone: $24-$30 based on standard Fib-retraces and S/R (congestion) zone. After this b-wave, price should drop lower again to around or slightly below the early 2016 low, to complete all of a multi-year correction. That will be a great buying opportunity. Stay tuned 🙂

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