Antofagasta

IMHO 123 setup in play.

dl.dropboxusercontent.com/u/4385922/Anto_0305.png

First time with HL for a long time.....change in trend overdue for the miners?

dl.dropboxusercontent.com/u/20815047/ANTOdaily19_04_13.gif

Lovely hammer at 864 support on a double bullish RSI divergence. Possible long with a stop below 859p. That 864p support is important though, so a close below that should be a nice short too.

If this breaks 1225, and ultimately 1392, then it will head north and the count is no longer valid.

My target for a retrace is 1170 - 1220, then to continue on down to 864 - 772. I would repeat, this is a long term view and I would expect it to be sometime near the end of the year before it comes to fruition.

Diver - thanks for your reply.

This is my take on Anto. I have got a wishful Inverse H&S forming if what we have seen recently is the low point.
From your counts - can you confirm at which point you can turn around and say the count is no longer valid?

My chart:
dl.dropbox.com/u/4385922/Anto1004.png
Lower trend line approaching.
I see 1168 as strong resistance - so I will be selling there.


Thanks in advance

Hope this helps. It's the long view to way back in time If this is a C wave then it will make at least 61.8 of A, but there is good support around the 76.4 which is also 61.8% retrace of the initial big move up to A, so the 770 mark gets my vote for support.

Please could someone kindly put up a chart with the significant areas to watch out for?

Many thanks

(p.s - some issues with my charting app)