Interesting one this as it broke down through its uptrend support and has broken back up again within a few days.It's got a nice corrective wave structure down from the 127p high which ends at the 78.6% Fib and an RSI breakout. Today's close is also, just, a 123-low breakout suggesting further strength to come tomorrow. Original link...

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. Original link...

This has now made a new low below that wave 3 low so it looks to be forming a set of 5 waves down from the recent 127p top.We'll have to look at the bigger picture to see whether this is likely to be a final move down or the first move of a longer series. For now, though, that trendline is looking quite good for a bounce (round about the 82p level) as there will need to be at least a correction after these 5 waves down. Original link...

The bounce in XEL has come a little earlier than expected. There was a bullish divergence in RSI and 5 waves down but 88.75p was not a significant support so we've been caught out and missed this rise.104.75p and 103.5p are both resistances and appear to be holding the SP currently. I'll be looking for a small retrace from here before a 123-low breakout, perhaps up to the 61.8% Fib area at 112.5p where the main downtrend from the 248p high in July 2011 will be in a week or two. This 5 wave move down, preceeded by what appears to be a 3 wave move up, remains a cause for concern so we'll be looking towards that downtrend resistance. As long as that holds the downside prevails. On the other hand, a close above there would l Original link...

The 112p area proved resistance as expected with a high yesterday of 111p. This was sold into leaving a closing SP slightly below what I've labelled as a wave 4 high which gives us some uncertainty as to future direction in the short term.Today's low (so far) was bang on the 50% Fib of the rise as shown by the 30 minute chart below. The interesting thing on that chart is that the rise looks to have 5 waves to it so could be bullish. Note how there was a bearish RSI divergence on the 30 minute chart at that 112p resistance and a bullish one on the daily at 88.75p. As I've previously posted, I can't short this so my strategy for going long is to either wait for the main uptrend support around the 83p mark if this is bearish, or to go long on a break above...