tangman

CLF, Wave 3 of 3 possible

NYSE:CLF   CLEVELAND-CLIFFS INC. COMMON STOCK
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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