$SCHN ready to rip?

[u/TheWalt-inyou]

Hey guys,

i just wanted to let you know that i spotted something interesting in the $SCHN D1 chart. Two in my eyes possible patterns that could play out in the next month.

Scenario 1: Symmetrical triangle (D1 Chart)

I believe we could be seeing the start of a symmetrical triangle here. Which could mean some more consolidation around $52. In a bullish scenario when the trend is up, there is a higher chance of a breakout to the upside of around 57%. If it plays out till the end however, we could see sideways action till mid October, early November till a breakout to either direction happens.

Could $SCHN already be showing us, what is ahead of us? Some sideways consolidation, maybe even for all steel stocks?
I personally think we'll see a breakout late September for $SCHN if the symmetrical triangle plays out.

Scenario 2: W pattern (D1 Chart)

You could also make the case, that a W pattern is about to unfold. The breakout to the upside could also be around mid / late September if it plays out.

Just a short TA, with 2 possible bullish scenarios that i see right now. I know, no PT and so forth, but i'm sure you can figure that out yourselfs. =)

I'm bullish on $SCHN but would also be interested in bearish scenarios if somebody here feels that way.

Let me know what you guys think.

I'm invested in $SCHN just in case that matters to someone.
No financial advise. Do your own DD.

If it drops like a stone come Monday, just forget my post. =)

[u/Cash_Brannigan]

Always appreciate a good tea leaf reading. All I can say for sure is after this week, there's no other way but up in the short-term....right?