12 month chart, page-69

numis

I don't profess to be an Elliott Wave expert so take that into account when reading this reponse please.

Re; "..."BHP is holding up very well but is not out of the woods yet. The crucial level is $41.80 which if broken to the upside will mean the impulsive count to the downside is off the table. Instead what may be occurring here is some larger convoluted pattern. Certainly one to watch, as today’s move may be an exhaustive one. Still the impulsive count until the $41.80 level is broken". .."

As of this afternoon in ProfitSource software, 52-84 day Elliott Waves which started on May16 are projecting a Wave 4 rise to between $41.50 & $43.15 followed by a projected Wave 5 fall to between $34.18 & $31.10 by Sept16. In contrast, 89-131 day Elliott Waves which started March20 are projecting a Wave 5 rise to between $52.26 & $55.80 by August 19 [this date has been moving back btw].

The $41.80 appears to be referring to the lower limit of the 52-84day EWs. For these bear waves moves above $41.50 could be interpreted as adding legitimacy to the longer bullish EWs [as above].

4YIO - NFA