One thing I would say on this is that until the low at 107.75p gets taken out there remains the possibility that this move up from 92p is a wave 4 up and not the start of a new trend.So far it's been limited to almost exactly the 38% Fib of the drop from 124.69p which does suggest that this may be what's happening.The form of that last rise to 127p seems to suggest that it wasn't an impulse wave too (just like GKP's move from 141p to 260p) which adds weight to this argument.For me the cut-off points are clear on this: a close above 107.75p and it should be a new uptrend; a new low below 91.71p and there'll be a 5 wave sequence down from 127p which, although it should give a bounce off the main trendline, would not bode well in the longer term. Original link...

This has now made a new low below that wave 3 low so it looks to be forming a set of 5 waves down from the recent 127p top.We'll have to look at the bigger picture to see whether this is likely to be a final move down or the first move of a longer series. For now, though, that trendline is looking quite good for a bounce (round about the 82p level) as there will need to be at least a correction after these 5 waves down. Original link...

The bounce in XEL has come a little earlier than expected. There was a bullish divergence in RSI and 5 waves down but 88.75p was not a significant support so we've been caught out and missed this rise.104.75p and 103.5p are both resistances and appear to be holding the SP currently. I'll be looking for a small retrace from here before a 123-low breakout, perhaps up to the 61.8% Fib area at 112.5p where the main downtrend from the 248p high in July 2011 will be in a week or two. This 5 wave move down, preceeded by what appears to be a 3 wave move up, remains a cause for concern so we'll be looking towards that downtrend resistance. As long as that holds the downside prevails. On the other hand, a close above there would l Original link...

The 112p area proved resistance as expected with a high yesterday of 111p. This was sold into leaving a closing SP slightly below what I've labelled as a wave 4 high which gives us some uncertainty as to future direction in the short term.Today's low (so far) was bang on the 50% Fib of the rise as shown by the 30 minute chart below. The interesting thing on that chart is that the rise looks to have 5 waves to it so could be bullish. Note how there was a bearish RSI divergence on the 30 minute chart at that 112p resistance and a bullish one on the daily at 88.75p. As I've previously posted, I can't short this so my strategy for going long is to either wait for the main uptrend support around the 83p mark if this is bearish, or to go long on a break above...

Avocet Mining looks to be in a pretty bad way with no sign of the downtrend in sight. It's continued to make lower lows and lower highs and the bullish RSI divergence pattern which gave the last rise to 16.75p has broken down. In fact (and thanks to rcmacf for this), the lower high at 16.75p came with a higher high in RSI which is known as a Momentum Discrepancy Reversal Point (MDRP) and is an indicator of trend continuation.The only respite here is that fact that the nearby figure of 11.5/12p was where the SP sat for 3 months at the end of 2001 into early 2002 so there is a support there albeit from a long time ago. If that fails then there's no knowing where this will go as there are no supports below there that I can see.Should 11.5/12p hold then look for a bounce followed...