I sent you an email since you are from Perth but it appears either u have not received it or u are too busy to reply. Coming to Elliott wave on your chart, wave count appears to be wrong. As per my charting, it is as follows:
Elliott wave - (normal count or say short term count) - what Lapdog was projecting earlier as $ 52 by Aug has changed because of the price pattern and there is no forecast in price for short term - in fact the 5 impulse wave count has been completed and from Jan 2008 is only doing A-B-C corrective wave pattern.
Elliott wave (300 day long range) - Wave 1 count started in May 2007 and wave 2 dip also happened in May 2007. The extended up wave 3 got completed in May 2008 ($50) and the downward wave 4 is happening now. Based on today's price action, the prediction is $ 53 by 1 Jan 2009. In fact this price has been shifting from Nov 2008 to Dec and now to Jan 2009 - which I think is realistic in today's environment.
As already posted by me, the next trend change for BHP is around 15 July. Good luck to all.
Sara
BHP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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