I'm not sure I agree that this one is going to collapse into a Stage 4 phase, as this weeks close only puts it into early Stage 3A imo, and there are still a number of factors supporting it. For example the still rising 30 week simple MA, it's still a fair way above support, the relative performance versus the S&P 500 is still above it's flattening zero line. And on the daily chart it's still above a rising 200 day MA, which is often a major buying point for institutional buyers, and hence a source of support. And on the point and figure chart it has yet to break the major up trend line, although it's close to it. And the S&P 400 Mid Caps Index that it's part of is still in Stage 2, although in a pullback phase. Plus it's relative strength in the S&P 400 as measured by stockcharts SCTR(Mid) calculation is 93.7/100, and hence one of strongest stocks in the index.
Also another way to look at it is if you flipped the chart vertically and determined the Stage. Which if you did like the attached below would only be the first move into Stage 1A. So I'm not saying that it won't collapse like you've suggested, as early Stage 3 often has a very sharp decline, but just simply that it's a long way from Stage 4 yet and hence a down target would be more conservative currently imo.
Hi isatrader,
Today, US Steel Corporation is falling by 26% !!
I think we can now say (without a doubt) that the stock is definitely in Stage 4.
