See link below for previous analysis.
Glencore did not take long to reverse after the previous analysis.
The stock was in a hurry and did not go low enough to test the lower support channel.
The strong reversal from 8708 has prompted an update with wave [4] labelled as a zigzag pattern and price has now broken out of the channel added further evidence that the stock is now in wave [5].
Fifth waves can be very strong in commodity stocks so the question is how far can wave [5] go?
Buy the dips, if we get any.
Glencore did not take long to reverse after the previous analysis.
The stock was in a hurry and did not go low enough to test the lower support channel.
The strong reversal from 8708 has prompted an update with wave [4] labelled as a zigzag pattern and price has now broken out of the channel added further evidence that the stock is now in wave [5].
Fifth waves can be very strong in commodity stocks so the question is how far can wave [5] go?
Buy the dips, if we get any.
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