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Showing posts with label BHP. Show all posts
Showing posts with label BHP. Show all posts

Tuesday, May 7, 2013

Elliott Wave Analysis of CBA,RIO and BHP (ASX)

Some of the resource and banking stocks in the Australian markets are looking like there could be some clean ideas to trade

Although i don't personally follow these stocks that much i am watching these banking and resource stocks for clues on the ASX


After a 5 wave decline from $72.38, its now correcting that decline, i am targeting the previous 4th wave around the $59.47 -60.00area, and that would also coincidence with the 38.2% of the whole 5 wave decline

As long as we see a 3 wave advance from $52.00 (ie wave [v] low) then it can setup for a move lower

Higher target could be as high as the $62.00, but for now i am focused on the initial target area around $59.50-60.00


Very similar to RIO and that its working the same corrective bounce, i would like to think we can see $34.34.50 before a reversal lower, but these 2 stocks appear to be tracking each other, so likely to peak and reverse lower together


Long term this could be close to ending a large WXY correction

Short term i suspect this is now in a 4th wave and could target towards $65-62