The Wave 2 Option This is the more bullish of the two main options for GKP's wave position.What we have here is the possibility there there have been an initial 5 small waves up to form a larger degree wave 1 at 166p. If this is the case then what we'd expect to see is a retrace down to somewhere like the 50-61.8% Fib level in the form of 3 waves (please note that this "target" area is just the most common for a wave 2 - it could even go as low as 126.3p and still be a wave 2, but they do usually retrace at least 50%).Arguments in favour of this pattern are:1) There appear to be 5 clear waves up from 126.3p to 166p (the bearish option we'll see later would have this as a 3 wave move, not 5);2) The 161p level was breached. A wave 4...