Steel broke above the declining trend line to signal that Monday was day 5 for the new daily cycle. I would like to see a close above the declining 50 day MA to confirm the new daily cycle.
Steel printed its lowest point last Tuesday, day 21, which places steel in its timing band for a DCL. If last Tuesday is confirmed as the daily cycle low that will mean that steel printed higher low from the May 18th low. A higher low would indicate that steel has completed the first daily cycle of a new intermediate cycle. We have been unable to confirm a new intermediate cycle because steel has been coiling below the 37.80 level for the past 8 weeks.
Steel appears to have printed a failed intermediate cycle low in May.
Steel printed its lowest point during the second week of May following the week 8 peak. 20 weeks places steel in its timing band for an intermediate cycle low. Steel is also in its timing band for forming a yearly cycle low. Once a new weekly cycle is confirmed it will signal that the new yearly cycle has begun.
Steel has been coiling below the the 37.80 level for the past 8 weeks. A close above the 37.80 level will confirm the new intermediate cycle and signal that steel has begun a new yearly cycle.