BHP, C update 2/5

BHP: Has either bottomed for all of wave II (Cylce 2) or only for primary A. We prefer the former as the retrace is entirely sufficient. In the case of the latter, then the larger B-wave will move back to $51-$72 in a 3-wave fashion as b-waves always consist of 3 smaller abc waves (wave a of these 3 abc waves is in that case now underway). There’s good S/R at the same price target.

bhp

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C: What a beauty to count. Picture perfect. Intermediate wave iii of major 3 hit the 1.618x extension to the T and wave iv retraced perfectly 38.2% of that wave-iii, which is also the 1.00x extension of intermediate i. Text book. Now intermediate v of major 3 should be underway targeting $64.80, using a v=i relationship. At $64.80 we have v=2.00x i and 3=2.00x 1. Nice Fib-confluence.

c