In a previous chart I indicated a $40 pause and bounce in CLF, well that's exactly what happened. Now, readying for the next leg down. Note to self: Scale in PATIENTLY!!!
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Sometimes... they'll be days like this. Notice I emphasized "Scale in PATIENTLY!!!" in my note above. Sooo..., I added to my long here. I think this is a gift in disguise.
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So it hit the 0 level on the fibonacci. Also, on it's way down you can see the pause on the 1.236 fib level. You'll notice there was indecision and a struggle between sellers and buyers. Sellers prevailed, hence the flush to the 0 level. Lot's of stops being wiped and weak hands eliminated. I'm still in the trade.
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Shot nicely thru my targets 1 and 2... BoOm!!!
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Verna
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It definitely gonna go up... agree on your statement