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Equity Update: BHP

Posted by nexvucapital on May 7, 2013

Further to our note of April 8th, the monthly chart on BHP continues to build an Inverse Head and Shoulder bottoming pattern (putting a higher right shoulder in place). Should the price move through the upper Confirmation Line the potential target price can be calculated via a measurement of the distance from the upper Confirmation Line to the bottom of the Inverse Head (~$20 move). By applying this same amount upward from  the Confirmation Line we get to ~$100. This move would be a new high and would be the 5th wave in the Major 5 Wave pattern. Our view is that growth will continue to gain traction in the US and spread globally in 2013 (current pundit views on Global growth reflect similar consensus views on the state of the US economy during the first half of 2012…they were wrong).

BHP Monthly - May 7 2013


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