RUS, Russel Metals

rus 1 rus 2

Another B-wave?, they seem to be a dime a dozen. Perhaps the market is telling us something. Just like most everything seemed to be a buy back in the spring of ‘09 , now almost everything seems to be a sell. Russel Metals is not quite as obvious as many of the others, but it does happen to be in a category that has undoubtedly been a big beneficiary of the China story.  This B-wave is a little bit of a stretch, the megaphone in the middle is less than compelling, but it could just be a simple flat which fits almost as well. The =A is close enough and both the RSI and MACD have been on a downward slope for almost a year. Furthermore we are pretty well at the 61.8% retracement level.