tangman

CLF, Wave 3 of 3 possible

NYSE:CLF   CLEVELAND-CLIFFS INC
CLF             is an iron ore producer which services US Steel production. If Trump gets his infrastructure spending, or defense budget increase, steel utilization should remain strong.

The year-long correction and consolidation looks like an Elliot Wave 2, and offers compelling a support level .

As of right now it is being rejected by the 50 and 200 ma, so it is still very risky. The consolidation could extend the better part of 2008, producing a double or triple combo wave.

- A stop below support would allow one to ride the noise and see if it plays out, but position would have to be tiny.
- A stop below the 2/6 pivot would be 10% risk.

Because it is below the 50 and 200 MA, I'll wait and see if it declines further.

A tag or stop run of support would provide a very good risk-reward ratio.
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