Lumber may have completed a corrective structure (counts well as one). Unknown whether it is the first of two legs, or two legs already complete. Conservative interpretation thus aims for a 3-wave move to the orange box from here.
9.7.21 LBS1! Follow-up ................................................................Note: the word that escaped me was :exhaustion spike . I don't think this is going to be a reversal pattern. It is going higher ..imo
This year's timber chart is a graphic illustration of what happens when an asset is in a bubble. It took wood about three months to lose 75% (!) Of the price. This is a very good example of the fact that at some point, faith in the growth of an asset begins to be lacking. And if someone thinks that the stock market or the cryptocurrency market is different, they...
8.14.21 THIS IS A LUMBER CHART>>>BUT THIS VIDEO IS NOT ABOUT LUMBER>>> I don't know anyone who trades lumber. This video is about what a buy set up looks like and how to scout out a buying opportunity. If you've been short it may be to recognize that this is the time to take profits even if the market may move lower. The video goes into this process.
🏛LUMBER making a massive correction
From the spectacular bubble like covid rally
And the price will soon be retesting an important weekly support
From where I am expecting a pullback upwards
With the chance of retesting the level above
☑️Buy CALL options 600$ strike
☑️Expiration end of the...
Lumber prices sliced below the 200-week Simple Moving Average (SMA), putting the psychologically imposing 500 level back in focus. A drop below 500 may open the door for more losses. Alternatively, bulls will look to defend the level if recovery hopes are to remain alive.
🏛LUMBER must have been one of the best performing assets since the pandemic begun
With the price increasing by whopping 581% from the covid crash lows
Such a massive surge was determined by the home building and renovations fad
With the disrupted supply chains adding fuel to the fire
Now, however, the pandemic hosing...
Lumber had a 5 wave structure to the downside, finishing wave A of an A-B-C zigzag correction. Right now we are in a relief rally as wave B. It is unclear where it will end but the 850 area is an area that may be tested. Regardless, LUMBER is in a bear market and will continue much lower after this relief rally. Will update once wave B finishes.