$JSETGA - Thungela: Follow The Coal Futures, More Downside Ahead
See link below for previous analysis.
Wave (C) is proving to be more extended to the downside.
I have updated the wave count and moved wave 3 of (C) to the 12350 bottom followed by a flat pattern for wave 4.
Wave 5 is currently unfolding and looks impulsive so I am expecting further downside in the short-term.
Short the rallies is the strategy.
There is still a very strong correlation between Thungela and coal futures which are still trending downwards.
Wave (C) is proving to be more extended to the downside.
I have updated the wave count and moved wave 3 of (C) to the 12350 bottom followed by a flat pattern for wave 4.
Wave 5 is currently unfolding and looks impulsive so I am expecting further downside in the short-term.
Short the rallies is the strategy.
There is still a very strong correlation between Thungela and coal futures which are still trending downwards.
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