As I stated, I moved the E wave to the lower low. Technically, because the wave 2 retracement has retraced more than 78.6%, the odds are that this is now an ABC move instead of the 123 move I am showing and if we break out it would be an initial indication that the C wave has commenced. The targets are all the same.
I am starting to turn ultra bullish on the BML chart and if we get a close above 12c by Friday, then that not only signals a breakout of the wedge pattern but would also trigger a buy on the monthly MACD and stochastics which I have highlighted in the below chart. The chart below is a monthly chart. The last time the BML chart had a bullish crossover of the monthly MACD was June 2020. If we get a close above 12c, then my sentiment changes to BUY as we have bullish alignment of the daily, weekly and monthly charts! The weekly chart I posted last week has had the bullish cross this week and would only negate the cross if BML closes below last weeks close.
I believe that the Regal sell off is impeding the breakout and when they finally exit the BML register, I expect a big move.
BML Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
