Verdict – Short-term bearish.
DCE iron ore daily chart created five waves according to Elliot theory. Currently entering the first correction phase. Any rebound is opportunity for short position. However a rebound above 851.5 could be a level to reverse. From hourly chart, 807.5- 811.0 is an area support iron ore market for many times from this August. Be aware of quick push on the back of this support level.
The first support is 807.5. The first resistance is 831.5. 