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