Hai Lapdog
Lovely chart.
The wave count is always difficult and complex and that is where projections can go wrong.
In your wave chart, wave 1, 2, 3 are ok. The problem is whether wave 4 has been completed.
From Elliot website, I have outlined the three basic rules for Elliot waves
1. Wave 3 can never be the shortest impulse wave. (this is ok in our case)
2. Wave 2 can never exceed the start of Wave 1. (also ok)
3.Wave 4 can never overlap Wave 1 (i.e., cross into the same price area).
Do you understand the 3rd rule ? Does this mean that the stock price at the end of wave 4 should not reach the high of wave 1 ? I think the high of wave 1 was $ 40.3 on 4 Feb 2008. The start of wave 1 was $ 31 on 22 Jan 2008.
Does this mean therefore for the rules to hold, wave 4 low cannot be lower than $ 40.3 ?
From another TA specialist, I heard that BHP would go to $ 45 short term and has to re-test $ 40-42 before going up again.
Your thoughts please
Sarala
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Last
$41.76 |
Change
-0.900(2.11%) |
Mkt cap ! $211.7B |
Open | High | Low | Value | Volume |
$42.02 | $42.09 | $41.75 | $565.3M | 13.46M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
176 | 109821 | $41.75 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$41.80 | 17792 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
90 | 34406 | 41.750 |
3 | 2216 | 41.740 |
4 | 849 | 41.730 |
4 | 2201 | 41.720 |
9 | 5835 | 41.710 |
Price($) | Vol. | No. |
---|---|---|
41.800 | 167 | 1 |
41.850 | 750 | 1 |
41.870 | 1700 | 1 |
41.920 | 5200 | 1 |
41.930 | 43 | 1 |
Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
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