The correction in U.S. Steel (X) from the February 4 high at 61.40 likely ended at last Thursday's low of 56.35, and a new upmove has emerged within the larger upleg off of the October low at 39.78.

In addition, we can still view the past 10 months as a large, double-bottom pattern that broke out to the upside above 52.00 in December and still points to 65.00 to fulfill its optimal upside target.

If my work proves correct, then X is heading immediately to challenge its January-Februay prior highs at 61.18-61.40, where I will be interested to see how it behaves.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.