ArcelorMittal S.A., (MT) together with its subsidiaries, operates as integrated steel & mining companies in Europe, North & South America, Asia & Africa. Its principal steel products include semi-finished flat products, including slabs, finished flat products comprising plates, coils & sheets, bars, wire-rods, structural sections, rails, pipes & tubes. It is based in Luxembourg, comes under Basic Materials sector & trades as “MT” ticker at NYSE.
MT made a low of $6.64 in March-2020 against 2008 high. While above there, it started impulse up, which ended at $37.87 high finished as wave I. Below there, it proposed ended wave II at $19.25 low at blue box area. While above there, it started reacting higher. It expect to resume higher in wave III, which confirms above $37.87 high or at least can see larger 3 swing bounce in double correction in II.
MT : Elliott Wave Latest Weekly View :
It placed ((1)) at $10.63 high on 4/09/2020 low and ((2)) at $7.58 low on 5/14/2020 as dip correction. Above there, it started third wave extension, which ended as ((3)) at $36.58 high. Below there, it favored ended ((4)) at $26.59 low, slightly higher than 0.382 Fibonacci retracement. Finally, it placed ((5)) at $37.87 high as wave I on 1/13/2022. Below there, it placed ((A)) at $28.22 low on 1/28/2022 & ((B)) at $34.59 high on 3/25/2022. It placed ((C)) at $19.25 low as the part of zigzag correction in wave II in blue box area. Currently, it favors higher in 5 of (1), while dips remain above $25.21 low of 4 red. It expects one more high before starts pulling back in (2) in 3 or 7 swings & expect to holds above II low to see at least one more leg higher. Buyers from the blue box area are already having risk free position.
MT : Elliott Wave Latest Daily View :
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.Back