The correction in U.S. Steel (NYSE: X) from the Feb 4 high at 61.40 likely ended at last Thursday's low of 56.35, and a new upmove has emerged within the larger upleg off of the October low at 39.78.

In addition, we can still view the past 10 months as a large, double-bottom pattern that broke out to the upside above 52.00 in December and still points to 65.00 to fulfill its optimal upside target.

If my work proves correct, then X is heading immediately to challenge its Jan-Feb prior highs at 61.18-61.40, where I will be interested to see how it behaves.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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