Purely from a TA perspective the chart does look a little sour but take not of the Fib level which it is sitting on currently.
It may retrace a little more but remember it had quite a run up to its latest high and so due to let a bit of steam off.
Like others say, the key thing is the IO price and that seems to be retaining a bullish outlook.
Personally I'd keep faith and be topping up at these levels.
Iron ore price, page-23960
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