Very similar to the previous long entry on WLT, I am adding CLF as a long entry and setup (as well as a Long-Term Trade Idea, as with WLT), here around the 15.60ish level.  As with WLT, this is a very aggressive “falling knife” trade and my preference is to use a gradual scale-in strategy.

Nothing has changed regarding my bearish near-term & intermediate-term outlook on the market.  I remain heavily short but as I strive to continually post the best looking chart patterns, both long and short, I am adding these trades because they appear to be setting up in potentially longer-term bullish patterns from a technical perspective, regardless of any fundamental issues.  Daily & weekly charts of CLF: