Rio Tinto. Catch the Top or join in the band wagon to the top. IF [??] this is a 5 waves up formation. And there is reason to believe this is so. The correction from $74 seemingly the peak of wave 3 and down to $69 end of wave 4 which coincide with the peak of wave 1. Elliot rule is not broken. As the so called wave 4 did not go past wave 1 peak. But actually bouces off that support level. IF then this is a 5wave, we can predict with the wave 4, 50/50 priciple that 5th wave will reach at least $74. Wave 1 starts at $64, and wave 4 ends at $69 = $5. Applying 50/50 or $4 to $69 we have $74 which is near current levels. Prices may touch upper range of the trend channel, which may be a good place to short. Looking to do a 1:5 trade.
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