GKP

Not sure my view is valid as I thought the ABC correction from 450 was to include a diverging
B (up to 280-320) before down to a lower C than 141.75.I was wrong.

As Remo has highlighted, a day traders share at present

---

"This could head back towards 120 area or lower if it finishes below 139.
supports....139,,,136(channel target)130(psychological from the past) ,,,119,,,,87,,,64,,,,,52.75(gap)
resistance...151.84,, This needs to stay above 139 today...." Remo

---

As F4T mentions higher vol. so far this week, but the spike downs yesterday morning and today may reoccur until all the margined/weak holders shares have been absorbed by professional buying.

Previous low RSI days:-

28/6/12 RSI 24.046;vol 7.5m;low 139.25;close 141.75, next day +13%
24/12/12 RSI 24.769 ;vol 1.1m;low 164.0; close 164.0, next day +7%
24/4/13 RSI 23.346; vol 4.6m;low 141.57; close 141.75, today ? +/-

Today's vol may not be enough to stop the down trend just yet?

Previous large down week:-

1st week August 2011 -25.9% 143.0 down to 103 with 87p low, vol.48.9m
Current week so far -16.9% 169.25 down to 141 with 131p low, vol. 43m+

From 17th October, 2012

Jackozy: "The bearish case would have it as a wave 1 of a larger degree wave C (wave A being 450p to 139p, B then 139p to 258p) which may go all the way back to 87p."

And a reply:

No joke, if we went sub 100p I would actually sell all my other investments and go "all in"

87p is just beyond the realms of insanity.

You can use TA up to a point, but IMO calling 87p a possibility is nonsense.

desktoptrader.iii.co.uk/investment/detai...n=detail&id=10105321

Would be interesting to know your view on the wave count now, Jackozy.
You are saying that 131p is a significant historic level (farmertim posted good reasons for 129p as a possible low).
You still think 87p is on the cards now?
Also, in terms of the bigger picture, what would wave projections be - hypothetically - if 131p becomes the low of this move and trend reverses?

Hi B77,

I was wondering if anyone would remember that post lol! As I recall, it didn't go down particularly well....wonder why?

Still, even the hardest granite will erode over time against the power of the waves

87p was merely mentioned as an outside chance as a technical possibility. I guess it still remains as such but this week's action, and particularly today's, is significant as F4T has discussed (do I still owe you a pint F4T? Happy to stump up on that mate!).

For the first time during this drop we had a real element of fear-selling and then some decent buy side volume kicking in which suggests this *could* be a low. The day's candle looks like forming a long legged doji ( www.forexbees.com/long-legged-doji/ ) so it'll be all about tomorrow's action now. It needs to open at, or above, today's close and keep going to finish with a bullish long white day.

As remo has discussed, the best thing to do would be to wait for the initial rise and then a higher low to form and buy the breakout. Until that happens we cannot be sure (and even then not 100% sure) of a trend reversal. Prices always retrace after an initial rise so there's no need to panic buy this yet. Even if the breakout to a higher high after a higher low occurs at, say, 161p it's still way lower than we should have exited at.

Best of luck. Fun, ain't it?

PS I'll have a think about what the upside targets might be from an EWT POV assuming a 131p bottom later on. Been out for most of the day (not at the beach unfortunately!)

Thanks Jacks. 'Fun' isn't the word, but I did take more shares at 134.9p (had to set a limit order as I was under an MRI scanner this morning).

I personally think that there is a 1-4wk window of opportunity to shake out the margined/leveraged before the next (and maybe even last) uptrend. We all know the fundamental catalysts that could help to fuel this, so I'm interested in your wave projections to ascertain the technical 'wind' that might blow behind GKP on the way up.

Anything below 140p should make a good return, but if the sales are on it would be nice to pick up the best bargains.
Good to hear from you.

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONEweekly.png

Here's the projection from the low at 4.55p, up to the high 465, down to today's low.

Looks like another lottery number came up today F4T

I totally agree with Remo to wait for a re-test to prove the change of trend: you have to be on the side of the trend and it's no good trying to be a hero and guessing and gambling, after all there's plenty of potential here. Be patient people