MTL found support where it commenced a nice rally of what looks to be either a corrective wave in a longer term wave C sequence, or a possible commencement of wave 1. What triggered my eye was after it found support at its all time low, MTL rallied to create a peak, a higher trough, then a Dow confirmation peak. The retracement is a common factor as the bulls that entered in from the all time low, have had some fun and are taking profits. This sell off its what helps for the Cypher pattern, with this current downtrend being the wave 2. A Gann fan also shows some hovering between 2x1 and 1x1. The safety bet here is to let it rise from current price to the 38.2% retracement of XA , it will drop to find support somewhere along the 2/1 lone of the Gann. At this point we need the signals to line up. (Blue Circles) Increased volume, MACD cross to support, and a potent reversal candle which will commence a nice strong Wave 3. Can expect about 138.2 - 175% extension here. DYOR and please feel free to correct my work. This is my first post. Thanks
The correction is starting to take place. Right on target following the pink lines. Watch for a candle reversal backed by volume for the start of another uptrend.