GKP

Here's the alternative weekly count:



dl.dropboxusercontent.com/u/20815047/FTS...ly23_06_13count1.gif

The main problem we have is that these two main options present us with a very wide range of possible bottoms for this move.

In the above count, wave 5 of C could be truncated and end above 126p or be conventional and end below that price. Even then, it could be part of the wedge or not. The only thing we know from this count is that it must end at, or above, 87p.

Using WS' count (Primary wave 2 since the original 203p high), the low for this move could be any of the above or could even be below 87p.

The only thing we can do is wait for the bottom to form and go from there.

Gkp is approaching an important level.
Theres 2 levels of support close together . this does not mean go long...
The trend line support is at 130.3(redrawn)
The main support line is at 126. This level is important as a finish below this and it opens up 87p target. This level is the horizontal support.Its been a strong support in the past on numerous occasions.May be worth a long for the brave at 126 on a first attempt basis. Use tight stops of 5 points so the risk is minimal.
The way the markets are behaving theres risk attached to the long side so be aware of that.


dl.dropboxusercontent.com/u/4899609/gkp24thjune.png


heres a long term chart view

dl.dropboxusercontent.com/u/4899609/gkp24thjune1.png

The 126 level is also right near the channel support so if it does break you can then roughly count how low it can go. And its not that far from 87 so hence why 87 will be the logical target if GKP breaks past 126.
good luck in what ever you do
dyor

dl.dropboxusercontent.com/u/40497882/GKP_weekly_upclose.JPG

still a few days to go till the end of the week, nevertheless nice bounce of TL & nice lookin candle so far....

I've been watching the MACD for the past few months,

It certainly looks like it's now poised for a decent push north.

Just need to close above those key levels to set things off.

as we draw nearer towards the end of the month, it's work keeping an eye on the monthly chart...

Monthly close abv of 157/8 is the area to watch should it get there will be positive & it will be 2 consecutive months of Green since sept 2012...

i wont go into the consequence should we break on a monthly basis of the previous lows, unless the candlestick has some significance.....

A weekly close above 155.75p would give a bullish engulfing candle too - all the more important since last week was a bearish marubozu.

Is there a gap at 154p though?

Curiouser and curiouser...