elliot wave analysis bhp daily, page-78

Nice chart Sally as usual.

I had a look at something a tad different this evening and went back to before this cataclysmic event occurred and brought up a 3 year time frame with weekly frequencies. I wanted to test the $33 'new' support level with activity over the last 3 years and it definitely does look like a suitable support stance.

Events will always occur to increase/decrease an SP but what I want is to find the true worth of the company I invest in. If you look at the April/May of 2006 and 2007 they are almost identical in nature to the current pricing - Around $31.50 being the support. I feel that these were the established support levels then and almost represent an identical match to the current environment. Everything after that which fluctuated the price well above $40 may have been an overbought situation.

Your EW regarding wave 5..MMmm..do not know about that but $38 is a definite target.

Good to see Hamish and Andy helping out the fire victims, well done in your pledge.

Cheerio Nikess.