possible count... hi kiddies,
the strong decline in the blue accumulation / distribution line has me worried. had a brainwave looking at BHP chart... possible count below has Wave 3 complete @ $10.84... seems to work with the MACD & RSI... if so, then:
1. if this is all a big 5-wave impulse up, then Wave 4 should be underway now. the rule of alternation says that Wave 4 should be a FLAT or a TRIANGLE because Wave 2 was a sharp correction. Note that a FLAT correction could still take BHP back above $10.84 again before completing. Wave 4 target = $10.00 - $10.30 (territory of prior wave 4 of lesser degree).
2. if this is all a big A-B-C correction, then BHP should just keep on impulsing down from here, with the occasional retractive correction. this will be confirmed if it gets below the peak of Wave 1 @ $9.21.
this count is just something to look at as a possibility. don't trust what i say. set your stops before you trade.
regards,
Ultrafart.
possible count... hi kiddies,the strong decline in the blue...
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$40.86 |
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