Is the bullish move of IRON ORE halted ?
First I urge you to look at a weekly candle/bar chart of the commodity. Can you see the strong bearish reversal candle/bar ? This suggests correction in the short term is upon us. To early to forecast the magnitude of this correction which may even turn out to be major trend reversal. More data is required for this. Fact that the price action is at a significant resistance is worth watching our weekly candle/bar charts for further weakness at current levels.
Why bother at current levels with this analyssis ?
Proof is in the pudding(see the published Point and Figure chart and the Bullish Price Objective from the base pattern). This suggests a potential end to the bullish move at current levels which is evident form other chart types.
Correction for now is what I am saying.
Weekly candle/bar charts will offer clearer view in regards to what may be unfolding.
Why bother at current levels with this analyssis ?
Proof is in the pudding(see the published Point and Figure chart and the Bullish Price Objective from the base pattern). This suggests a potential end to the bullish move at current levels which is evident form other chart types.
Correction for now is what I am saying.
Weekly candle/bar charts will offer clearer view in regards to what may be unfolding.
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