history repeats chart, page-25

Im posting this to be as objective as i can about a share that i am currently LONG on. I trade it heavily intraday ( leveraged but no overnight positions's) and also hold ordinary shares 4195( no leverage). Done extrememly well just following the repeating ranges and against every predictions of doom and gloom fired accross the board. Never have and never will SHORT BHP is just a rule i have about our major resources. In saying all the above a chart can go anywhere and i will not rule out any number and respect any call made with substance. I always use stops and hope and trust we all do the same
I haven't mentioned any fundamentals or importance to our index, as nothing has changed there - its still the same company getting paid heaps more for resources but still working on metal prices well below what speculators currently have them at.

I dont have many indicators at present pointing to a LONG daily trade, however intraday stuff is brillant and offering great trades. I patiently wait for the next daily opportunity.

So im going to post a few charts as to what has and might happen
On the down side
- repeating ranges suggest we at the bottom of small range, which offers a reversal of the major resistance at 40 could it now become major support
- larger range could take us to 33/31, is that not a triple bottom as well as a top back in May06
-note the 2 50% retrace area's
On the upside
- the biggest move down in 1 range has been off the oct high so for it to reach 24 or less it needs to again create history or do it in 2 moves which would put it well in 09 unless there is a market wipeout
- at some point the blue arrows will kick again and head north
- sure the 56 predictions might have been put on the back burner but it will happen
- For BHP to go 24 (40% drop )from here and in respect to where the markets are generally you would have XJO at between 3,000 to 3050. My worst doom and gloom prediction XJO would be somewhere around the 3664.

On this chart i have also added Elliot Wave on a Daily chart to show the Elliot Wave that occurred off the Oct 07 high and again as others have suggested re Elliot Wave you would be talking a Elliot Wave of massive proportions to better the Oct 07 EW down to get near the 24 suggested, u would have to look at a monthly predictions for that .I will also add ELliot Wave weekly and Monthly charts

The last blue arrow will attach to the next turn up so when it happens you can expect a nice little return again



Elliot Wave Weekly Chart



Elliot Wave Monthly with the 50% retrace and that gives me my absolute worst of 27.46