chartwatch, page-4

Nice to see BLT continue to dance to the tune of Elliott Wave and Median Line theory during this current uptrend. Looking at the current chart you will see that the target of 80.5 cents for the previously projected wave 5 was missed by 0.5 cents. Further, the low of 69.5 cents yesterday was predictable with median line methodology (see parallels on todays chart). What was not predictable from the chart up to today was the commencement (?) gap generated by today's move. I guess that this was triggered in part by the action in the US overnight. Maybe the swarmi's ultra-bullish contributions had something to do with this. Who knows?

So what next? By my reckoning the reversal today signalled one or other of 3 possibilities:

1. Wave a of an abc correction (Elliott Wave)

2. Wave 3(iv) of a 5 wavelet (1-v) patterned wave 3.

3. Termination of the EW pattern sequence (too early to tell)

If it is the first then the next pivot consistent with EW theory will be at a price lower than 80 cents.

If it is the second then I reckon that we will see a lot more upwards action in the next few days. If BLT breaks through the median line on the chart then there is a good chance that she'll head for the upper parallels again for starters.

If it is the third then expect the price to likely fall out of bed afterwards.

NB: Note the nice OBV pattern.

NB: The above is not intended to be investment advice. More for amusement. Personally I would have bought more in the next 1-2 days if the price had not gapped upwards today but had instead started to creep upwards again. Think I'll sit back now and watch what happens next.