GKP

Hi Skip,

I'm not sure - don't think so - why? Perhaps I posted something on my blog and thought I'd put it on here too...

I was referring to this chart:



dl.dropboxusercontent.com/u/20815047/FTS...earcount27_01_14.png

That channel intersects the 112p price support in early May and would make a final low in a possible triple three correction so that's why I've been speculating it as a possible target. However, the final C wave (labelled "Z") in a triple can have all sorts of permutations and they can often end higher than previous lows (if you think about it, a triple 3 correction is as big and nasty as they get so it's not surprising if downward momentum is flagging by the time it comes round to the last wave down. You can often see triangles in this position too).

You can see from the daily chart I posted on Friday that there is a possible ending diagonal from the 196p high and, indeed, that intersected the uptrend support formed by the 126p and 129p lows at Friday's low price so it's possible that Z has ended. Possible, not certain.

As WS says, 161p will be key moving forward now. It's been an important support so it needs to be taken back for more upside.

Thanks j was trying to figure where the taunted 134 came from, was sure i saw this chart on forum, still dont know

Trend line support evident on monthly chart


backed up by hammer on Friday on daily
backed up by bullish divergences across multiple time frames


I have some orders to open long for monday @ 153, 153.5, 154, 155 & 156

SL below 144
Targets - 165, 191.25

skipper10 wrote: Thanks j was trying to figure where the taunted 134 came from, was sure i saw this chart on forum, still dont know

Skip, the 134 came from a Fib extension of the 196p to 161p move projected from 191.25p at the 161.8% level. It's just a theoretical support rather than an actual price or trendline support.

The whole drop looks exhausted to me but we all know I've been wrong on plenty of occasions. GKP doesn't have many daily bullish divergences in its price history though.

161p the boss in the short term.

dl.dropboxusercontent.com/u/40497882/Gul...8DFB%29daily%203.png

4hr view as of close today.

dl.dropboxusercontent.com/u/40497882/Gul...28DFB%294hr_edv2.png