By Elliott Wave International
The editor of Elliott Wave International’s Metals Specialty Service, Mike Drakulich, has just recorded a new, free video forecast:
"Aluminum and Alcoa: Exciting Juncture (Nov. 29, 2012.)"
Says Mike (excerpt):
"This is the first video of what is going to be a series of videos on the industrial metals markets, as they come into critical price areas that may tell us the big [moves] I’ve been talking about in my daily analysis are getting underway — or, in fact, are underway."
ALUMINUM: The video starts off by showing you "the big picture from 2008-2009 bottom." Mike Drakulich walks you through the Elliott wave pattern since then and shows you how, off the recent high, the price has come down in a familiar ABC pattern. Moreover, the decline has retraced 62% of the previous rally — a key Elliott wave signature and important Fibonacci proportion.
Here is an abridged version of the aluminum chart from the new video:
What’s more, the price action in aluminum has just penetrated two key moving averages, the 50-day and the 200-day.
ALCOA (NYSE:AA): The second half of the video gives you a detailed look at Alcoa stock. Mike shows you that, going back to the same 2008-2009 period, AA has followed the price of aluminum very closely. You get a detailed view of Alcoa’s recent drop below a key support price level, plus the analysis of an important trendline the stock has been "flirting" with — which, if broken, should "open the gates" to a rare opportunity.
Mike Drakulich ends the video by saying:
"Bottom line, we have some really nice action in aluminum and Alcoa, and this is being seen across the board in many of the industrial commodities."