Chalea: Agree with your BHP target of $16 (though possibly could...

Chalea:
Agree with your BHP target of $16 (though possibly could stop at $16.50/$17).

shetoldmetosell:
Excellent chart. I agree with your target of approx 2936 at the 61.8 fib level since 1980ish.

The following supports your/my target:

- there have been very clear (XAO) support/resistance levels of 4280, 3940 and 3600 (spaced at 340pt channel widths apart). The 3600 level represented the bottom of the large downtrend price channel from 6400.

- (After 9 months) we have now broken past the channel bottom at 3600. This means we are now finally capitulating fast (ie. by end of next week) to the bottom of the next large channel down - that level being another 680 (4280-3600) points down at 2920. I'd expect another rest at 3260 before the final capitulation.

When we reach 2920 I would expect consolidation intraday at this level as this will be the new channel bottom (although a very quick intraday spike as low as 2800 is IMO possible).