Hamilton's E-Wave Analysis

X, United States Steel and NUE, Nucor Corp.

x jul 2012

Two steel stocks, the oldest and newest. (Take care not to confuse with TMX in Toronto!) Both peaked at the same time in 2008 and are now both declining. The retracements are shallow and we are getting lower highs. X seems to be well on its way down another leg whereas NUE is triangulating, a congestion pattern that is usually resolved in the same direction as it was entered, that is down