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The charts below show BHP's recent daily and monthly rallies.

After Wednesday's surge BHP is now staring at the recent swing high of $41.36. If price exceeds $41.53 the bearish weekly Elliott Wave which has been in vogue for many months now will be corrupted.

Chart1 is a daily chart for the last six weeks. Although it shows a possible Gann ABC long trade it's main purpose is to assist with forecasting. The red arrows represent other recent rallies [ie. from the swing low to the swing high]. Collectively they paint a picture as to the target range in both bullish and beairsh scenarios [the transparent red & pink boxes full of arrow heads]. IMO it is worth noting that volume [not shown here] has increased markedly these las t few dqays and in concert with an increase in price.



Chart 2 is a monthly chart. It shows that the regression line & the upper range 2SD Bollinger Band are currently approximating BHP's upper trend line [ie. resistance]. Volume has been falling as price has risen. The chart also shows a 96 month Elliott Wave that is very bullish, projecting a rise to $60+ by early January 2010.



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