We have two things being generated on Lumber. First is an Elliot Wave. The second H&S. There was a bullish flag today suggesting a push to S3 and taxing RSI. Previous uptrend and pull back brought double top before rejection.
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Lumber coming to an end on the upside. Created doji.
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Lumber way overbought and crushed R3. No end in sight.
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Lumber moved beyond R3. Now in rare air. New Projection
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Lumber made another downside move. Not sure how much we will get out of this. Needs to break and stay below 20 day moving average for any significant downside.
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Lumber hit 20 day moving average looking for R2 at 454'9. That would break uptrend, but not Elliot Wave. Will 20 day be support?
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Lumber creating a mini head and shoulders. This may hamper upside. Need confirmation that this is actually forming. Lumber again looks bullish but RSI should still need to push lumber down a bit.
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Lumber on last move to position 5.
