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SAIL - Value Wave

18 Jun 202001:04 PM

Running flat should be considered last as they are not common patterns, that said I'm tempted to think that it is the best case scenario as of now for steel authority. SAIL pullback in the last few days to the lower end of the reverse parallel channel. What got me to this conclusion is that the hourly chart shows the decline from 35.10 is a 5 wave decline which is typically seen in wave C of corrective structure. So after a prolonged consolidation pattern we have a set up for wave 3 up to start with support near the lower line at 28.40 and the immediate resistance at 30.30 where the 20 DMA lies. Wave 3 should involve going past the high of 35.10, which would also involve breaking past the 40 week average. 3=1 in a normal wave goes up to 49.27. The previous swing high was close to 52 in January which may be an important hurdle. By then it should be clear whether wave 3 is normal or extending.

sail180620

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