Whenever I open up a chart of any asset I like to look at the big picture first pulling up the oldest chart I can find. With Lumber chart I could instantly recognise a pattern called diagonal. I labelled it a Supercyclic wave as it has taken nearly 48 years to complete.
After the competition of this pattern usually you can expect a bear market as a correction....
Change in trend?
Well as prices have surpasses our prior resistance zone at 1328.00 , I believe that a lucrative trade is on the table.
We could be able to long on this up to highs of 1344.00 and also 1352.00 .
TP:1344.00/1352.00
