GKP

lower targets remain in tact - which are 60/63p, 54/57p & 44/46p area. must break 73p 1st tho

psyurmh wrote: Hi WS

Does this mean that we should be targeting the 55p area rather than the 61p previously mentioned by various people?

Thanks

Hi WS,

can I ask you how you create your extrapolated lines, both the trendlines and projected line within.

Ta
F4T

Long @ 77.50
SL is below 73.50

Not a Buy advice as GKP is far from an established uptrend

Its purely day trade
I will be in & out quickly
Take profit order is at 89

Will post a chart later

heres the chart

finished with a nice hammer!

WS...

Just thinking, on your projected counts down within the green wedge, your projected wave 3 is way shorter than wave 1. 3 should always be longer than 1 so.... it should almost be where you have projected 5. Not sure how this can be. Are you using fibs or is it just a rough approximation?

Thanks in advance

Hi KK,

Its a diagonal triangle that im looking at, some call it wedge...2 converging tl's and formation of waves within 3-3-3-3-3 (5 waves) overlapping. usually occurs during a strong downtrend ABC correction and potentially signalling and end of the trend in the ABC(maybe)...

With regards to your question of 3 shorter than 1 etc... well 3 can be be shorter than 1, 3 cannot be shortest wave as part of the impulsive waves which are 1,3 ,5.

The target of move is based in fib and currently while price remains with in parameters, i have no option but to consider the probabilities of this move, will it happen, we just have to monitor and assess.

In the meantime price has hit a range 64/54 p (esp if 118p got taken out)range projected many moons ago for potential completion of this correction, we are in that range now.. its been one hell of a down trend.


Regards,

WS