hi armory,
sounds like good thinking to me... chart below shows BHP correcting from $10.84 - had one clean impulse down so far, so at least one more to go yet. I don't believe it will get much past $10.30 (if that) in the correction down from $10.84 before turning around and climbing again - the only real motivation here is the 2 gaps it left on the way up.
easier to see what's going on by stepping back and looking at the wider view. MACD & RSI both show two big fat "humps". The first is Wave 1 (or A). The second is Wave 3 (or C). From the MACD & RSI, Wave 3/C doesn't look finished yet - this current correction from $10.84 might be the 4th wave of Wave 3/C (or it could just be wave 4 of wave 3 of wave 3)? Although the continued decline of the accumulation / distribution line suggests that we're in the latter stages of this whole upward structure, if the current pullback is only a correction then another rise past $10.84 remains due - tallies with your target of $11.30.
If all that happens - then the move down from the final peak in this upward structure will determine if this was a Wave 3 or a Wave C. If a clearly corrective pattern follows (eg, a triangle or 3-wave flat), then Wave 5 up is still to come. If BHP heads down in successive impulses, then this was likely a corrective ABC structure (confirmed if it gets below $9.21 - the green line on the chart).
Short term, if the current pullback is just that, then 1) it shouldn't get much past $10.30, if at all, and 2) another rise up above the last peak of $10.84 should follow.
regards,
Ultrafart.
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hi armory,sounds like good thinking to me... chart below shows...
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