BUSHVELD MINERALS
• BMN trading near all time highs
• Both Wave 3 and Wave iii are in motion
• Momentum studies positive
Currently trading near all time highs, Bushveld Minerals (BMN) still has room to continue higher. A rally begun with a gap after a year long consolidation period. With a high at 24.50 reached in May, BMN saw a correction back to the 17.10 level - finding support. The Elliott Wave 1 subdivided into a Minute impulse wave. Wave iv retraced 38.2% of the Wave iii advance, stalling inline with the 17.10 support level. Wave iii and Wave v tops saw bearish divergence, warning that a corrective phase was near. Wace C saw bullish divergence, again, giving a potential warning that the correction is over, and a new impulse move was about to occur.
More recently however, BMN has had a solid advance, breaking above a psychological level of 20.00, and breaking above the May high of 24.50. It has given back some of its gains however, retracing and holding the 21.70 level. This has formed a new wave i and ii count equalling Wave 3 of higher degree.
With BMN just hovering below 27.00 it has much more room to rally as it is in Wave 3 of both degrees. Though not always the longest wave, it has potential to move to 32.00. This level is the point at which Wave 1 = Wave 3. The RSI favours the bullish picture and reinforces the potential for a move higher. A possible retracement to the uptrend line is also possible and would be a great opportunity to go Long. Longs can also be entered at the break above 27.00 if a more conservative approach is preffered.
• BMN trading near all time highs
• Both Wave 3 and Wave iii are in motion
• Momentum studies positive
Currently trading near all time highs, Bushveld Minerals (BMN) still has room to continue higher. A rally begun with a gap after a year long consolidation period. With a high at 24.50 reached in May, BMN saw a correction back to the 17.10 level - finding support. The Elliott Wave 1 subdivided into a Minute impulse wave. Wave iv retraced 38.2% of the Wave iii advance, stalling inline with the 17.10 support level. Wave iii and Wave v tops saw bearish divergence, warning that a corrective phase was near. Wace C saw bullish divergence, again, giving a potential warning that the correction is over, and a new impulse move was about to occur.
More recently however, BMN has had a solid advance, breaking above a psychological level of 20.00, and breaking above the May high of 24.50. It has given back some of its gains however, retracing and holding the 21.70 level. This has formed a new wave i and ii count equalling Wave 3 of higher degree.
With BMN just hovering below 27.00 it has much more room to rally as it is in Wave 3 of both degrees. Though not always the longest wave, it has potential to move to 32.00. This level is the point at which Wave 1 = Wave 3. The RSI favours the bullish picture and reinforces the potential for a move higher. A possible retracement to the uptrend line is also possible and would be a great opportunity to go Long. Longs can also be entered at the break above 27.00 if a more conservative approach is preffered.