US Steel (X) was a grand beneficiary of higher commodity prices in general, but just as its share price ran up in the commodity bubble that ended in 2008, price fell to levels few thought possible. Let’s take a look at the monthly chart – containing a near ideal Elliott Wave pattern – and more…
Not too long ago, a reader asked me to take a look and discuss the Steel Index for any insights. Presented below is the current daily and weekly structure of the Dow Jones Steel Index. One could look at X (US Steel) for a stock that is very similar to this broader index. DJUSST Weekly:…
Shockingly to me and many traders, US Steel (X) violated a breakout pattern in a strong uptrend to create a reversal and strong plunge, suddenly invalidating the pattern and shattering support in a short period of time. US Steel broke a potential triple top and horizontal resistance pattern at the $185 per share level, drawing…