updated chart at 10 march

Hi to all, at the end of a lousy day.

In Monday's chart (Post: 5128803), I included the following text (which also applies to the updated chart below):

"Point A represented a low in price and its opposite (its Reaction) would be a high at or around the area of the first Reaction Line. That indicates to me that there is a high probability that the high we see today may be the high point of this current leg up.

If this proves to be correct, then a retracement might well follow the angle of the reaction line down to a low somewhere along that line, before commencing a new leg up. "

(Note that Monday's price closed precisely on the 4th warning line of the longer term blue pitchfork. I have long ago given up believing that such occurrences are merely coincidence.)

While Monday's close of $3.95 after a strong day's trading made the above assessment look unlikely, the following two days of trading have indicated that the path the share price is now taking may well be on that track or in close proximity to the R1 line (see chart). I find that reaction lines like R1 are rarely precise, but merely general indicators. For this reason, I am not alarmed by today's drop as it will be temporary in nature and to some degree was predictable.

For anyone who sold some of their BRM on Monday's high (following the indications of the chart at that stage), then today and probably the next few days should provide excellent opportunities to top up at bargain prices before the next leg up commences.

I believe price will bounce upwards off the green median line at around the $3.45 - $3.46 mark, or failing that, off the lighter green 0.618 Fibonacci line below it. I don't think it will go below the latter. You will have to decide where to place your BUY orders, if you are interested.

I still see no reason to doubt that the overall BRM price trend will continue upwards on at least the same angle that the green median line describes.

Keep in mind that most large managed funds and other large market players employ a room full of technical analysts with sophisticated software who read and interpret charts to provide buying and selling advice to their fund/account managers. They also sell high to buy back in lower, later. Although I am not one of them, we are all using the same base data and there are only a limited number of ways to interpret any given chart.

Regards,
Bones