BXB Chart, page-4

BXB - 11 August 2020BXB’s price reacts strongly to economic downturns with major retracements apparent in 2002 and 2008 (GFC when price fell 73%). Price has been travelling in a large rising price channel for over 30 years. Elliott Wave suggests price has possibly finished Wave 4 and is rising into Wave 5 which has the potential for price to return to the top channel boundary around $16. Price remains in a technical uptrend despite falling back a little recently. From the March low (following the Covid fall) price has been making a pennant pattern which has a target of $14.47 Should price break above $12.24 there is an argument this would be a resistance break pattern with a target of $14.16 These targets are still well short of the large long-term price channel. The probability of a rise out of the pattern is much more likely than a fall, but that doesn’t mean it is guaranteed.The time to buy would be when price breaks and closes above the pennant upper boundary with some volume.





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