hi armory,
sounds like good thinking to me... chart below shows BHP correcting from $10.84 - had one clean impulse down so far, so at least one more to go yet. I don't believe it will get much past $10.30 (if that) in the correction down from $10.84 before turning around and climbing again - the only real motivation here is the 2 gaps it left on the way up.
easier to see what's going on by stepping back and looking at the wider view. MACD & RSI both show two big fat "humps". The first is Wave 1 (or A). The second is Wave 3 (or C). From the MACD & RSI, Wave 3/C doesn't look finished yet - this current correction from $10.84 might be the 4th wave of Wave 3/C (or it could just be wave 4 of wave 3 of wave 3)? Although the continued decline of the accumulation / distribution line suggests that we're in the latter stages of this whole upward structure, if the current pullback is only a correction then another rise past $10.84 remains due - tallies with your target of $11.30.
If all that happens - then the move down from the final peak in this upward structure will determine if this was a Wave 3 or a Wave C. If a clearly corrective pattern follows (eg, a triangle or 3-wave flat), then Wave 5 up is still to come. If BHP heads down in successive impulses, then this was likely a corrective ABC structure (confirmed if it gets below $9.21 - the green line on the chart).
Short term, if the current pullback is just that, then 1) it shouldn't get much past $10.30, if at all, and 2) another rise up above the last peak of $10.84 should follow.
regards,
Ultrafart.
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Last
$40.29 |
Change
1.180(3.02%) |
Mkt cap ! $204.5B |
Open | High | Low | Value | Volume |
$39.82 | $40.40 | $39.67 | $580.8M | 14.56M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 745 | $40.28 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$40.29 | 35 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 745 | 40.280 |
3 | 327 | 40.200 |
1 | 150 | 40.180 |
3 | 4397 | 40.170 |
2 | 1275 | 40.120 |
Price($) | Vol. | No. |
---|---|---|
40.290 | 35 | 2 |
40.300 | 1424 | 6 |
40.310 | 280 | 1 |
40.320 | 6399 | 3 |
40.340 | 573 | 2 |
Last trade - 16.14pm 18/07/2025 (20 minute delay) ? |
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