If the retrace is to continue, a few possibilities present:
$25.55 which is a neat 50% of recent rally, though it may be argued that Friday's intraday low at $25.75 was close enough.
$24.XX = 61.8% fib from recent rally also = 61.8% fib from start of July 2003 rally to May 16 2008 also= previous support Robb's line in the sand around the same area
If a bullish reverse head and shoulder pattern is nearing completion, the left shoulder formed at $24, neckline at $31, head at $20, and right shoulder to be also around $24???
But it may not complete--- I am NOT a firm believer in patterns having to complete.
As well as December 5 being Robb's turn date, another charting package I use says December 5 and 8 are also important Fib dates projected from the May 16 top.
BHP Price at posting:
$26.15 Sentiment: None Disclosure: Held
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