Using RIO's last complete 61.8% retracement at $32.00 as the base for a current study, the 61.8% target is at $38.25, which is roughly what you are suggesting (see first chart below)
However, an interesting excercise is to go right back to 1997, and using the appropriate base there, a number of nice confirmations are revealed ... imo they show why RIO topped where it has. This pattern (which I prefer) gives major supports at $40.50 23.6% and $35.80 38.2%
If Alpha is out there he might blow me out of the water on this, which would be nothing new lol
