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BHP Long thoughts

- Double Bottom aug07 jan08 now 2 times the range ( oct07high ) of that will give you a ultimate price target of 64, with targets on the way being 48 52 and 56
-The down trend BHP was broken with the higher low 3350 march08
-The low of 3350 march 08 was also a FAILURE at the 50% range on the attempt of a major short to 2400. It wont happen again
- From the Jan08 to 7 april 08 was a major consolidation of 75 days in which price tried to go either way. Once it broke that 4030 it was no suprise it rocketed a further 10% to 44
- A retrace will now occur to 40 where you will gain your last chances to postion for what i believe will be Wave 5, Wave 3 has given us 1100 ( to 4400)so i would imagine Wave 5 will give anywhere from 4800 to 5600.
- On weekly EW we are currently in Wave 5 with a target somehwere around 6400
- I would say it could be 30 days before we see major moves north again but its up to us all to position for that if we want to
- Fundamentally economies will grow no matter what happens in certains parts of the world and i dont think you will have major down turns in commodoties for awhile as i think they have been too cheap for too long now. ( Eg; people dont like the price of petrol now but wait till hits $3 like other parts of the world )
- 1,2, and 3 day swing on BHP are UP

Im sorry but i do not agree that BHP will down trend to 24 and i really cannot see on a chart how its now possible after the last 75 days
I for one added to postions on the day of the 3350(amid talk of 24 and posted that i did) and am pleased to say i was looking at the overall picture and the biggest giveaway was it fell 9% that day ( it has never fallen that much ever on 1 day). The 2nd giveaway was 3 days later at 3500 on the first higher swing bottom. The 3rd giveway was another 2 days and a third higher swing bottom at 3600. Oh and if you still didnt believe it 4th giveaway came at 4030 a break of 75 days of consolidation.
I could post a chart but its gets too messy with all the GOOD REASONS
To me the picture couldn't be much clearer its a

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