Analyst thoughts: Iron Ore Long-term

A BEARISH WEDGE PATTERN IS BUSY DEVELOPING

• The illustrated scenario is self-explanatory.

• The PQ pattern should contain volatile and overlapping market action with a downward bias.

• PQ seems incomplete with further downside potential to S2 and Q. An eventual bull trend to R3 is still a distant probability.

• R1 and Q are the important levels.

Target and Re-Assessment Levels:

Pivotal Levels: R1 and Q

Primary Trend: Overlapping downside to Q

Prevailing Trend: Downside to S2

Technical Rating: Medium

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