XJO Weekend Charting and Chat, page-16

Sorry Choochx,

No I can't call a double top on Rio around the $70 mark.

It's not organised well enough for that.

However, the pivot low of 11 Sept has been broken to the downside, so we have a short-term downtrend .

Given that Rio is oversold, we can expect some upside which will probably be sold into.  Note also - the Rio is down to the 50-Day EMA - that's the area where one would expect a bounce.

See Chart below.  

Long-term stochastic is trending lower (bottom pane) while the short-term stochastic is oversold.  So we can expect than any upside movement will be sold into.  

Then, perhaps, we can expect another move to the upside.  But I'll wait on how things develop.