Peter, I was looking closely at that BHP ADR chart very early this morning, looking at the H&S.
If the neckline is horizontal, price is, as you say, near the neckline from where it will bounce to make a right shoulder.
Downside target is back to the March low.
If the neckline is sloping up, the right shoulder has been formed and the neckline was broken last night and it's on its way down to $US39 .
Two charts showing the two possibilities:
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Last
8,630.3 |
Change
59.900(0.70%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,570.4 | 8,632.8 | 8,570.4 |
| XJO (ASX) Chart |