down almost 6 percent in new york, page-28

mongombolo

Re; "...Lapdog, I've been toying with a reverse H&S but am loathe to call it prematurely. I'm still not convinced, but if the SP is to break resistance then it may be the case.
I've taken the gradient from the similar $38 SP on April 4 this year, to the $50 top on May 16, and transposed it to the SP from now forward. That projects $50 on August 30. For the Elliott Wave to project $52-$56 but in 10 fewer days, that gradient has to be much steeper."

I agree that it is premature to call a bottom H&S reversal - raised it only as it could be emerging.

Re the gradient for the EW to reach $52-$56 in just 10 days, I also agree with you - IMO that would require a threepenny bunger to explode: RBA rate cut by 1%, BHP to cancel RIO takeover & BHP's 2HY profit announcement above $12b!

IMO it is more likely that if the SP starts to model the projected EW5 rise scenario [as against the bearish version projecting a fall to about $33.50] the EW5 expiry date may be pushed further back & the gradient will lessen.

4YIO - NFA