Verdict – Short-term neutral.
DCE iron ore January contract completed four Elliot waves from hourly chart. Currently confirming the fifth wave. A breakthrough on 874.0 would start a new round of fifth wave and potentially targeting above 900 level. Otherwise iron ore consolidation. A breakdown on 813.5 would indicate the end of last round of rebound. Hourly slow stochastic KD created dead cross below overbought area. Hourly MACD entered a bearish territory.
The first support is 822.0, the first resistance is 844.0
