So far in today's trading GKP has made a marginal new high at 160p. There is what looks like an ascending triangle up from the 140.5p low following the initial breakout from 137.5p which seems to be breaking out into a 5th wave up from the 126p low.
I'd like to see it reach the downtrend resistance at 165p (today) to be sure that this is a 5th wave up (and to take out that 161p level) and then I'll look to enter long on any retrace, preferably around the 50-61.8% area at 141-145p.
For now, though, it's looking increasingly likely that 126p was the low. Let's not forget that there was a trendline support at that level from the 64p and 87p lows which we can see on the weekly chart below.
I'd like to see it reach the downtrend resistance at 165p (today) to be sure that this is a 5th wave up (and to take out that 161p level) and then I'll look to enter long on any retrace, preferably around the 50-61.8% area at 141-145p.
For now, though, it's looking increasingly likely that 126p was the low. Let's not forget that there was a trendline support at that level from the 64p and 87p lows which we can see on the weekly chart below.
