Verdict – Short-term neutral.
DCE iron ore May23 contract was closed to listed high at 841.5, then corrected during the day session. Iron ore became volatile after breakthrough 800.0, with expanding volume, indicated a divergence between bull and bear camps. Hourly slow stochastic KD started correction after a dead cross created in overbought area. Iron ore approached the end of fifth wave counted from 687.0, from Elliot theory. Thus, be aware of the market change.
The first support is 800.0. The first resistance is 841.5
