up or down, page-12

Great pickup there mongombolo - thanks for sharing your research with us. Our Ozzie Gann master, David Bowden is reported as emphasizing; "History Repeats".

On that theme I have been analysing Gann's preferred 300 day Elliott Waves [for the XAO since 1982]. I should soon be able to share the full results.

For example, in the last 27 years the XAO had 9 bearish Elliott Waves & 22 bullish ones. On average those bearish EWs lasted 150 days & the bullish ones lasted 260 days [the current 300 Day EW set is 174 days old].

IMO it's worth noting that the GFC has provided us with the only back-to-back bearish waves since 1982 [of course 2 bearish EW sets in 2 years is way beyond the 30 year average].

ProfitSource software does not produce a recent 300 day EW for BHP [ie. post March 3, 2009]. It does however show a 185 day EW which last peaked on Aug 4 [154 days] - showing that price has retreated from what is currently identified as the end of Wave 5. Set to 300 days the software shows BHP with numerous ABC corrective sequences.

IMO it's also worth noting that since the end of July BHP's price has been bouncing back from the 500 day SMA [approx $36.60].

Cheers,

lapdog