The Big Boys, page-877

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soccer5

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05/06/17

13:37

Post #: 25101879
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Originally posted by Orwell ↑

Hi Soccer. Yes that link in my MND post above also included a chart on SGM. It was behaving in a really normal way to that time and had put in a solid base, so that looked as solid as solid can be to set up a long term long position. But then it when and did some sharp corrections and got volatile and dropped to new lows. Once that happened it went off my watchlist, I dont like charts behaving in such an odd way and assumed there was something really wrong with the business or the market for scrap steel.

But its interesting with the passage of time to see the chart again. You could be right that its now found its real low and is in a Wave 1 new bull phase. Where this wave 1 peaks is unclear. You need to look for logical clusters of horizontal resistance. I dont have my charts with me but will check later. Your $15 is the sort of level Id expect. Wave 2 you can guess at but no need to now for trading purposes, just calculate that once this phase comfirms it has completed and turned down.

But what really caught my eye in look8ng at my old linked chart above was the lows back in 2001. That looks about $6. That would explain things, that traders took it down on bad news to a double bottom. Now a 16 year DB would be a powerful long signal. See if you can check that.

I'll have a look tonight anyway on my charts.

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Thanks Orwell

XMD Value at posting: 6,243.9
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The Big Boys, page-877

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The Big Boys, page-877

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