Hi Jim, these waves and thrusts are great aren't they?! After watching that David Weis video Jako posted I got all inspired and went looking on Trading View for a Weis Wave Voluime indicator. Couldn't find one that I liked so I cooked one up myself, so here's an attempt at your BEN chart using my shiny new Wave Chart and Wave Voluime indicators! Please jump in anyone if I'm on the wrong track.
So in summary, I think it's a bit of wait for the next move at the moment, but the balance looks to be in favour of another upwards leg. It has broken up through the 2+ year descending channel and the last pivot high, but it sits right below the next major resistance line at $11.87. There has been a couple of mid-bar closes on increased volume over the last 5 weeks to imply that some selling pressure has appeared, but demand seems willing to absorb this so far. Price is appearing to round off a bit, and it might need some time to clear out this supply before it's ready for the next move up.
The reason I think the balance is in favour of rising further first appears on the weekly. The last up wave is on the highest volume since August 2016- this is a change of behaviour and is quite clear when looking at the wave volume. And on the daily chart, although yes there is a shortening of the thrust, and again the wave volume shows volume for each up wave dropping, there is no increase in volume for each of the down waves. It would seem to me that if price is going to be sent back down significantly then we should start to see an increase in volume for these down waves.
So the strength of the next down wave should give some indication of where it is headed. An increased volume down wave on the daily may only be enough to send price sideways or pullback to test the breakout areas for a bit until the selling has been absorbed. It appears that some serious selling would have to appear from nowhere to knock price down quickly, or appear over time with some sideways movement before gradually gaining the upper hand again.
That's my take, and again please Jako or anyone with some corrections/comments please jump in.
