Loading ...NERVES OF STEEL
Is Steel a Commodity ?
YES it is…perhaps THE Commodity …if steel is at all time highs and breaking out from a BIG pattern…it portends to have a BIG move
So does that mean Deflation or INflation ?
Lots of Chartists are calling for a Commodity BUST …Steel say Not so Fast !
weekly …THIS IS THE MOST BULLISH CHART ON THE PLANET WOW
Uranium is looking well supported too. https://tradingeconomics.com/commodity/uranium
WOW…HAVEN’T BEEN FOLLOWING U…THANKS HIPPIE
“THIS IS THE MOST BULLISH CHART ON THE PLANET WOW”
Only in the rear view.
To those in the EW world, it doesn’t get any more bearish than this.
Classic Duel EW vs Chartology
Nonetheless….elementary chart reading shows higher highs and higher lows which is the definition of a Bull market
And in EW land, the overlapping contracting wedge is the very definition of a weakening uptrend vulnerable to a reversal.
Your definition is rear view, correct as it clearly is.
EW tries to anticipate what’s ahead.
Its too late to capitalize on what’s already behind you.
In chartology terms that wedge is a running correction…a very positive pattern
It just broke out to the upside…Very low risk entry point…sell stop on a close below the breakout line
Blue sky above.
Don’t know which of you will be correct but the breakout is based on the takeover offer for US Steel by Nippon Steel announced today. I would presume US Steel has a significant percentage representation in this ETF.