Although it broke this wedge I'm expecting a retest at about $17.
Here we have a better view of what's taking place in the channel, it successfully retested the trendline of the previous downtrend, this year and continued to make strides upward. The new channel I have marked up shows that it has not broken any rules in the Elliot Wave principle.
As the fears of a global economic slowdown reach further in the hearts of hedge funds, banks and other financial instituitions it only make sense to gauge how these emotions fare on one of the largest mining companies in the world. After hitting record lows in 2015, it has steadily fought back. It has formed a higher low which gives us some indication that a...
1h: - the makings of a falling wedge increasing the likelihood of a bounce
4h: - seems to be having trouble with breaking above 28,200, potential double top - oversold on RSI
Daily: - confusing yes, 3wedges converging on one chart... - blue lines are from the weekly timeframe - black lines from the daily - purple line can be seen clearer on 4H - if what I've said on the weekly is true, the blue trendline will hold up, considering how well it lines up with the daily's wedge and with how bullish the monthly candle ended, we can probably...
Weekly: - a bit of a rising wedge took place (line chart shows a better picture) - one outcome or forecast alone may be certain here and that is a retest of that trendline - considering the time it took suppressing the price, it can be safe to say its strength would be equally matched - candles dont give confirmation for a drop - bias is bullish for the short term
Monthly: - broadbrush depiction of my bias for the Dow Jones - currently on a 10 year bull run - 2 year consolidation shows a massive slowdown in pace - fundamental factors such as trade wars, production slowdown in Europe supports bearish bias - 29,400 may be the target before the downturn according to fibonacci (beginning and end of '08 recession) - last...
4H: - definite dip occuring - seemed to have found minor support at previous high, however previous candle indicates it could dip down further as well as CCI - either trendline or first zone may give the final push upwards - the first zone falls on the 38% leg - OVERALL GAMEPLAN: wait
Daily: - bearish bias clearer as opposed to weekly, due to hangman and bearish engulifing candles (the last two) - a retracement is highly likely - however index funds usually consolidate before making a reversal, hardly ever that easy - hence the daily forecast having two alternate playouts, either the broken trendline or either of the two red zones may be...
Weekly: - potential double top forming - needs more confirmation, (eg. a bearish hammer, a doji or an emgulfing candle if this chart is your decision maker)
Monthly: - third time at trendline - at post recession levels - bearish bias is firm
Tweezer candlestick formation at the top of the trend. Expected to fall to supply zone.
Tweezer candlestick formation, denoting likely new resistance @126.800. Likely support to be former month long resistance @ 125.600.