Possible projection (Gary's view)
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04_06_13.gif)
If I understand correctly (please forgive me, Gary, if I've misinterpreted your comments on the last post) this weekly chart is what Gary's referring to with his possibility of a rise to the 168.5/169p area and then a retrace down to 115p all within June.
If that works out (perfectly possible IMHO) then we'd have an ending diagonal triangle (wedge) which would allow for the wave 1/4 crossover.
As you may know, my original thoughts were along these lines though without the wedge. In fact, this pattern would be more bullish than what I'd been thinking as ending diagonal triangles can produce quite violent moves (not always).
This scenario would actually give me much greater confidence going forward as there would be a complete wave pattern down from 450p. As things currently stand, we don't have that which is why I'm finding it hard to have confidence in this rise from 126p (and let's face it - the volume isn't that great). In addition, there were no bullish divergences at 126p but they could be if there's a new, weak, low after this rise.
Either way, I'm still waiting for either a new low or a retrace from wherever this rise ends. I'm not buying at resistance having not had a proper retrace.
PS Gary, please let me know if this mis-represents you and I'll either delete
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