582I didn't literally mean that a heads & shoulders was forming,...

582

I didn't literally mean that a heads & shoulders was forming, though if you like there is some sort of abstract looking H&S if you squint your eyes at the chart a bit :P

What I was saying is that the long term rising bear wedge/ pennant is now complete, and that other patterns may form, and could override the bear wedge.

Looking at the long term technically, it looks like the bear result of the wedge coming into fruition. However what puts me off is that rise above the resistance during the first half of June, though arguably it could be a test of resistance before pullback.

(For visualisation of the trend lines please refer to the many charts posted on the BHP threads)

This week it's hard to pinpoint where it's going short term, because of the many things happening fundamentally causing the excess 'noise' on the daily chart (RIO/BHP JV, RIO rights, Chinalco, window dressing, etc).

The profit makers this week are definitely the skilled short term scalpers.