ARCELORMITTAL SALong
Arcellormittal [Euronext] LONG, potential 30%+ rise.
Updated
Arcellormittal formed an inverted H&S on the Weekly timeframe. Neckline has been broken and retested, and is currently rising on a nicely defined wedge.
Leg D-E is underway, and should take us at least to the 35-40 range in the following weeks, which represents a 30-40% gain.
Most probably entry point is @ 27.550, which would be leg 2 of D-E. In the H1 timeframe, this is the confluence of recent support, 50% FIB from Leg 1 and 161.8% extension from (a-b) in Leg 2. (yes, the yellow shaded area)
The chart is not that clean, but you get the point :)
Leg D-E is underway, and should take us at least to the 35-40 range in the following weeks, which represents a 30-40% gain.
Most probably entry point is @ 27.550, which would be leg 2 of D-E. In the H1 timeframe, this is the confluence of recent support, 50% FIB from Leg 1 and 161.8% extension from (a-b) in Leg 2. (yes, the yellow shaded area)
The chart is not that clean, but you get the point :)
Note
Initial target on H1 was reached, and is holding up nicely as support (2 bounces, going for the 3rd try).Nevertheless candles are still not convincing for the begining of the uptrend. Would like to see a higher high on H1 first.
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