SCCO, daily
Summary
From a pure chart perspective, I suppose you could count 4 broad waves lower from the January high of $41s. Might we be merely looking at a small fifth wave lower somewhere around the 200 day?
Underlying MACD (blue bar histogram) cycle is looking weak, and is now starting to tick lower, and will go negative cycle at the Thursday open.
Near term, SCCO looks set to fall..but unless the market falls to pieces across the spring - sub sp'1400, it'd be surprising if SCCO doesn't just level out around the 34/33 area, and then begin a new multi-month wave higher across the summer.
