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GKP daily 16/09/13

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As expected, 203p acted as support for the retrace from 240p and an inside bar formed on Friday which broke to the upside convincingly today with a marubozu and a gap up which is strongly suggestive of further rises tomorrow and beyond IMHO.

Despite the recent high at 240p, it's my belief that a close above 230p will be enough to bring on a test of the next resistance at 260p where there could be some profit-taking. If there isn't and the SP closes above that key level (remember, it's the highest the SP has been since  the drop from 465p to 141p) then it should open up the possibility of a gap close at 337/9p.

We need to consider the wave count here too; it's my view that 240p to 203p has formed either a 4th wave or possibly the 4th subwave of the 3rd wave up (no way of knowing) but sooner or later there will have been a sequence of 5 waves up from the 126p low and that should bring a 50-61% retrace for a larger degree wave 2. We'll just have to play it by ear until then but the trend currently remains firmly up.

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