steel has done more than 70% of price correction
this correction was an anomaly that might have been due to corona virus epidemics
I say so because price usually does not break through the red ichi cloud
it is expected that the price enter a period of time correction in the form of any compression
as you see in the weekly timeframe, the lower edge of the not-very-thick green cloud is the upper limit upto where price can ascend.
but if the price tries to overpass that level it can do it through the gap where the ichi lines break after the green cloud & it may take another 2 years time
on the whole steek can not linger for long at this low levels & very soon will see higher prices.
this correction was an anomaly that might have been due to corona virus epidemics
I say so because price usually does not break through the red ichi cloud
it is expected that the price enter a period of time correction in the form of any compression
as you see in the weekly timeframe, the lower edge of the not-very-thick green cloud is the upper limit upto where price can ascend.
but if the price tries to overpass that level it can do it through the gap where the ichi lines break after the green cloud & it may take another 2 years time
on the whole steek can not linger for long at this low levels & very soon will see higher prices.