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XEL daily 10/05/13

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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.
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