tomj2417
Short

BHP Billiton ; Finished correction or another leg lower

LSE:BLT   BHP BILLITON PLC ORD $0.50
38 2 1
In my opinion this stock finished 5 waves up in 2011 and has been in a correction ever since. The question is whether that correction finished in 2016 or if there is another leg lower to run. Any suggestions for either would be welcomed. If I had to stick my neck out I would go with my blue count.......but then again.....I can't really make up my mind.
Hi
This stock has a strong correlation with the 2016 stock bull market.
If the stock market continues to rally BLT will probably reach 1149.23 area.

Since my post of a coming SPX major top, the index appears to be forming a Elliott wave Horizontal Triangle.
This pattern could be complete on 9/21/16, the most likely course after that would probably be up to SPX 2230-2260 which is a zone of strong Fibonacci resistance.

BLT would probably move up to 1149.23 on that rally, it would then be vulnerable to a decline below 570.

Mark
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tomj2417 PRO markrivest
Thanks for the comment and the input. Appreciated.
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