VanEck Steel ETF (SLX) - 21st May 2024 | @ 78 Days | + 3.02%
Last trade: + 3.02% | 'B' class signal detected in the VanEck Steel ETF (SLX). Running at an average wavelength of 78 days over 15 iterations since March 2021. Currently peaking.
ΣL Cycle Summary
Another excellent installment of the prominent short term component in our steel proxy SLX, to the upside in this case. Although relatively subdued in amplitude the latest iteration continues the excellent stationarity seen over the last few years. This wave is currently peaking, an increase in amplitude to the downside over the next period will suggest increased underlying bearish power as we move forward.
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Buy - VanEck Steel ETF SLX 17th April 2024
Entry: 17th April, 2024 @ 70.43
Exit: 21st May, 2024 @ 72.56
Gain: 3.02%