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GKP hourly 31/05/13

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On this hourly chart we can see the bearish divergences mentioned by Gary in the comments from the previous post. This is when prices make new highs but indicators, such as the RSI and MACD histogram shown here, fail to make their own new highs.

I've added a possibly wave count for interest.

There's nothing so far in this chart or the price action I've seen to suggest a change is required to the last analysis so I'm still waiting to go long on a retrace at around the 141-143p area. Will I get it? Only time will tell.

PS, have a look at the POG thread for a good example of a 123-low breakout - that's what we could get here if there's a retrace to that target area and then a break above whatever the current high turns out to be. These types of breakouts can be very powerful (again, see what happened to LLOY each time it broke above a wave 1 high on the Trendlines section of the (as yet unfinished - sorry) Chart School section.
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