Elliott Wave Principle is based on moving day averages and that really means nothing unless its back up by fundamentals. It is an art to which the subjective judgement of the chartists matters more than the objective.
If it was based on objective judgement alone you would just chart the whole market and buy and sell without ever reading a company report, you would never loose any money.
The normally chartist look at elliott Wave look at volume and market depth, and announcement. They follow large watch for large volumes of trade and cry success after a collapsed market is in recovery. Its really a false call.
The downfall is even if elliot wave theory is more effective after a crash because it provides a graph monitor measure moving day averages then if its a dead cat bounce. Watch out. What you might be seeing here is a massive dead cat bounce and someone is bouncing the same cat lol. I would say stop flogging a dead cat.
I will explain why.
Most of the speculation in commodities was due to institutions and they really want to believe in china. The massive over valuation in commodities prices was due to institutions and hedging. Who is preaching the doom is nearly over, institutions. This massive bounce in commodities prices could be due to institutional trading and speculation.
run teddy run, page-45
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Last
$42.75 |
Change
0.010(0.02%) |
Mkt cap ! $216.8B | |||
| Open | High | Low | Value | Volume |
| $42.60 | $42.83 | $42.51 | $460.8M | 10.79M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1235 | $42.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.76 | 18069 | 4 |
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| Last trade - 16.10pm 20/06/2024 (20 minute delay) ? |
| BHP (ASX) Chart |