IRON ORE Weekly Chart Outlook 19/08/2018.

Dow Theory TRUMPS IMHO as far as TA is concerned. I have elected to look at the dirty metal commodity IRON ORE, by defining it’s Dow Theory 1st ( short term), 2nd( intermediate/medium) and 3rd Time Frame (long term) trends.

Reference/starting point on my chart is the low shown as T ( trough), marked as commodity Bust Low, which is the lowest low on the chart.

I have no doubt that my Technical Analyst friend Jeremy will correct me if my labelling of the chart is wrong. I love the interaction that I receive from some TA lovers like Jeremy who is about to get his CFTe soon through IFTA.

Now to the mighty Dow Theory IRON ORE trend definition in all 3 Time Frames.

1st TF ( Short Term) trend : UP

2nd TF( Medium Term) trend : UP

3rd TF ( Long Term) trend : FLAT ( trendless) as of this writing. A new high ( Higher peak) , higher than $68.70 is required to turn long term trend of Iron Ore UP as well. If and when this is achieved, Iron Ore will be in a MAJOR BULL RUN as far as it’s weekly LONG TERM ( 3rd TF) Dow Theory Trend is concerned.

What I wanted to point out is how the mighty Dow Theory may be applied to any chart. I know it may be confusing for many, but, it may and will sink in as we practise our knowledge on more charts. Education may be the key IMHO.

Keep safe and chart well.

Weekly Iron Ore Chart below with Dow Theory markings.



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