Porper
Ralph Nelson Elliott
- Joined
- 11 August 2004
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View attachment 100593
Given the latest comments by @Trav. and @jbocker I decided to post some thoughts on where Beach Energy is at currently!
QUALIFICATION:- These are just my thoughts and could well be way off track and I do not hold.
BPT would appear to be in a 5 wave downward move ( waves 1 to 4 having formed) with wave 5 destined to end in a zone of reasonably strong support.
That support could likely result in an a-b-c wave move higher (providing a low risk entry).
Lets see what pans out. Unfilled Gaps are shown on the chart.
Interesting chart rnr.
Agree, a 5-wave move lower looks likely. Wave-4 could take longer to unfold, allowing the guideline of alternation to be adhered to. (The 2 corrections should be different). If the current bounce completes around these levels another leg down should follow.
Wave-3 extended, which is normal. Infact it was almost exactly 1.618x the length of wave-1. A textbook extension!
When this happens the first and final legs will usually be the same length. The target is $1.81. If your shown support gives way, the deeper correction is likely. That lower target aligns with multi-year support as well. Could be a good bounce from support. You are correct though, an A-B-C correction only. Just my thoughts from an Elliott wave perspective.