GKP

Trying to hide from me over here eh?
Would you be so kind as to cast your eye over my feeble attempts, learning slowly but having problems at end of last correction.
Thoughts on start of new wave 3? also.

Well, it has been more than a week since my last analysis and I am pleased that my call to buy at 189 was validated by this weeks rise. I sold this position at 200 because of weak volume.

61.8% fib was pierced but held giving a bounce with added momentum as traders bought into the golden cross(would have been stroonger had the MA200 not been falling). Rise also produced a breakout from the falling wedge and MACD turned positive.

SP now needs to close above 202 to move higher IMO.

On the negative side volume did not confirm the move, the longer term MA's are acting as resistance and Friday's candle looks bearish (note that there is an error in ADVFN's charting - Thursdays candle closed at ~198, not 202). I also note the yellow shadow line on the wicks.

The chart is more bullish than bearish but I am back on the fence. It is the lack of volume more than anything that concerns me.

A retest of the upper blue trendline to the low 190's (possibly to the new red trendline)would give me confidence before a move higher but volume is key in any move. We are still stuck within the main MA's and this still suggests a big move is likely.

A further threat to 182 looks unlikely in the short term but I live in hope I would also be interested to hear Jackozy's wave therapy on this.

uk.advfn.com/p.php?pid=chartscreenshotsh...dR8Dh&symbol=A%5EAPT

F4T

Hi F4T,

As usual I completely agree with your assessment: it needs a close above 201/2p to confirm a breakout. Today it's tested a key area for me, that of the 61.8% Fib of the rise from 182p to 203p though it has to be said that it wasn't convincing by any means.

My primary concern currently is the form of the 182p to 203p rise. I'm finding it very hard to see it as impulsive as it looks to be a clear 3 wave move which should be corrective and point towards further downside. That said, the hourly chart did have bullish divergences at 182p and the SP did close above that crucial 61.8% Fib.



dl.dropbox.com/u/20815047/GKPhourly11_03_13.gif

screencast.com/t/kKF2I0Xk

Well I sincerely hope you guys are correct but I'm finding it difficult to be positive just yet, other than for the short term. Longer term I'm looking at revisiting the trend line down at 160ish. This should coincide with the end of the court case in terms of time and then, hopefully provide the platform for dramatic recovery of the SP.

It would be wonderful to be totally wrong and the SP to go stellar right now, but my chart does not speak this language.

Be lucky peoples

Cheers guys, always good to get different views.

SP looks weaker after yesterdays price action but lows are being bought as before.
I intend to buy in tranches below 187 and hopefully build a credible position.

Let's see what today brings.
F4T

Agree 200% with building the position:)