Expect complete or near distribution from all positions entered since the last decline and downgrade.
Then take the SP another 5% lower than where it finally stops, from manipulation by the MM to take out stops on the initial buyers from that level. Day one of the purge in play.
If you are looking to enter long, IMO wait. She will eventually lie there, dead, little volume of selling and little share price movement. Then, if so desired, start to just nibble. or sell a put to enter lower than what is the existing SP. Some time in the future.
As of present, looks like a record day in store for volume and loss. Perhaps even new lows on the horizon, beyond the 2009 lows. No reason for the large short positions to cover, all is in their favor with great profits----bad news, downgrades, dilution, iron ore prices, dividend reduced, window dressing to get rid of the losers,
few positives on the horizon.
Positive side, CLF and other material stocks can rise just as fast as they lose. Just a day or period of time. The pendulum will swing, it always does. Patience, GL.