BHP 0.19% $47.56 bhp group limited

ripe for shorting?

  1. 436 Posts.
    hi kiddies,

    here is my sloppy attempt to put labels on a chart...

    BHP has moved up in an apparent impulsive move since $8.22, in 3 waves so far... sub-wave v of 3 looks almost (but not quite) complete. Elliot's rule that the 3rd wave can't be shortest places a two-fold cap on Wave 3, because:

    1. Wave 3(iii) [$9.18 - $10.05] is shorter than Wave 3(i) [$8.30 - $9.41], so Wave 3(v) [$9.72 - ?] has to be shorter than Wave 3(iii) - giving an upper limit on Wave 3(v) of $10.64.

    2. Wave 3(v-3) [$9.93 - $10.30] is shorter than Wave 3(v-1) [$9.72 - $10.11], so Wave 3(v-5) [$10.00 - ?] has to be shorter than Wave 3(v-3) - giving an uper limit on Wave 3(v-5) of $10.37.

    So Wave 3 should be limited to $10.37...

    Note that, because Wave 3(v-4) overlaps Wave 3(v-2), then Wave 3(v) would have to be an ending diagonal for this assessment to be correct... that's good, because an ending diagonal is always the last structure in the larger pattern...

    Now, in my opinion, Wave 3(v-5) isn't yet complete - it has to do one more upthrust in its own little wave 5, ending at a point between $10.35 and $10.37... anything else will indicate that something is wrong with the assessment of Wave 3(v) so far, but not yet with the assessment of Wave 3 overall - that would be invalidated if BHP goes over the higher limit of $10.64...

    If all this proves correct, then expect Wave 4 to be a flat structure - either a 3-wave flat or a 5-wave triangle - because Wave 2 was clearly a sharp correction (probably a zig-zag if anyone cares to examine it). Probable target range for Wave 4 = [$9.72 - $10.05], ie, the range of Wave 3(iv)...

    Any comments welcomed...


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Last trade - 16.10pm 23/04/2021 (20 minute delay) ?
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BHP (ASX) Chart
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