[CLF] update

I was early on buying CLF and it's now looking very possible to have one more wave down into the $2 range before a major major bottom is in.  However, if this turns back up and makes a higher high than what I labeled as black 4 then I will have to change that label to 3 of 1 UP.  For now, my new primary model is indicated in red below.
These commodity plays are highly volatile and now jokishly cheap on a historical basis.  The long term chart below show that there were 5 waves up into the 2008 peak and now 3 big waves down where C is lower than B, C is 5 waves long and C has not fallen below the starting point.  When this turns back up it is going to move very quickly IMO.  This is like a non-expiring option on commodities.  When WMT and DIS and all the other beloved stocks of the DJIA begin to crumble, the smart money will go running for TANGIBLE ASSETS that have gotten completely deflated.

Buy low, people.  Buy low and sell high.  This kind of stock should be in the portfolio of those who do not want to trade.  This is a reasonable place to begin accumulating IMO.  Don't be surprised if it falls as low as $2 but it will most likely be a short lived bottom.  Buy when there is blood in streets.