XMD (ASX) The Big Boys

Originally posted by Orwell ↑

Just been staring at a BRG Monthly chart Captain, as that's quite a puzzle from an EW perspective. Your can obviously see three big waves with peaks and troughs at:
March 09 low (09)
March 14 peak (14)
Feb 16 trough (16)

So a wave pattern is occurring but what is it and what projections can you take from it. You could be correct in that it's now in a big strong Wave 3, fundamentals might give that view a bit of support, but I'm not so certain.

The issues I've got are that 50% pullback from 14 to 16 looks more like a Wave 4. That comes on top of a huge rise from 09 to 14 in price terms which is a big for a Wave 1, and I'm wondering if that current wave 16 to present is an echo of that with some lower targets.

I'll give you three scenarios to keep an eye on:

Currently in Wave 3: It's going to the moon. Maybe, but I'm not yet convinced you can put it in the bottom drawer and just let it run yet.

Currently in Wave 5: If leg 14 -16 behaves like a Wave 4 and we're currently in Wave 5, then your target top at 75% length of the first leg up to 14 gives a target of $12.70. That also clusters with a price level of 161.8% retrace up of 14-16 leg. So important resistance to watch at $12.70 to $13.00 zone.

Currently in Wave B: Sometimes a Wave B is sneaky and can go to 127.2% of the Wave 5 - Wave A pullback. i.e. leg 14-16 retrace back up to a top of $11.36. This also clusters with a 61.8% retrace of 14-16 leg to $11.43. These are just above current levels.

Conclusion:
EW is very intriguing on this, but inconclusive. But there are two important levels it has to get through (potential tops) being the current overhead cluster around $11.40 and then the $12.70-$13.00 price zone above that before I'm convinced your Wave 3 theory is correct.

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Thanks Orwell, much appreciated, will definitely keep an eye on those levels.

(20min delay)
Last 10,636		Change 78.400(0.74%)		Mkt cap ! n/a

Open	High	Low
10,557	10,662	10,552

Thanks Orwell, much appreciated, will definitely keep an eye on...