6 Apr 2021 ● 10:55 AM
Steel Authority has taken out the trading range that kept prices in wave 4. Ideally, it should have completed an Elliott Wave triangle before the bullish breakout. But this is where we are now. In this chart wave 3 and wave 1 are eual in size, and when that happened the 5th can be larger. So while 5=1 at 150 gives us a good risk-reward calculation for the next move up, what I do not know and could be the case is that wave 5 could extend beyond that eventually. In fact the alternate marking is 1-2-1-2 and we will get multiple extensions on the upside in SAILs bull market. Right now the support is at the breakout point at 82.60 from where we look towards 150.