Lets be thorough in chart work... It would be setting a bad example not to sow the weekly chart as I mentioned,its important to do a complete analysis if youre going to do it at all. I always look at daily and weekly, I never fail to look at both, and some intraday charts as well, and even sometimes the Monthly chart, like a 10 year monthly. I look at pivot points ,...on daily AND weekly charts. It is important to be dedicated and complete the whole analysis. So with that said, lets just take a quick look at CLF weekly chart and see if it adds anything to the picture.
I like the recent posts and charts by some new folks who came into the forum, and I'd look forward to seeing more of your charts and comments. This exercise from me is just to play with the new video presentation I discovered, and to do a demo of how the Fibonacci tools work alongside the Elliott Wave counting.In future video demos I want to show the Ichimoku cloud tool, and how I combine it with the other tools I use. Heres Cliffs weekly chart. Now dont laugh, when you see where the Ultimate Top began...I just want to show you first , where Cliffs peaked....way back around 2008 at 106 dollars...and then proceeded to collapse all the way down to 1 dollar and 20 cents.... Thats some "CLIFF" wiley coyote plunged from. I guess the moral of the story is when the Government/Cartel decided to destroy a commodity sector, like metals and miners, they did a pretty good job doing it didnt they.... Maybe CLF was a great bottom to buy at 1.20 or even at the next pivot low around 1.70.... we will see what this critical pullback ongoing now does in the coming weeks. Maybe 2 dollars will now become the best bargain to hope for , I cant say where it goes from here. Lets look at the weekly chart...but first just a quick look at this ...from 106 dollars in 2008 down to 1.20 this January. If it had fallen only to 10 dollars THAT would have been a 90% drop from the top. Lets just say this wasnt a great "Buy and Hold" stock.
...lastly, that 162% Fib calculation again, but this time from the 1.20 bottom to the completed first rally wave peak at 5.83....that measured distance is 3.63..... now you take that distance and add 162% and you get aproximately 5.87... Added to the 5.83 peak and you get a completed rally target on the Larger scale....around 11.70 area which would become a 10 bagger for those who bought the 1.20 bottom.
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