GKP - Research

Morning F4T,

Appreciate your comments.

230 is naturally the gap and had served as previous support in October of this year. It would also coincide with the length of the rise from the move up from 163 to 187 (24pts) and if we measure my presumed low of 205 + 24 = 229.

Agree that this move is a little overextended and it would be healthy for some of the heat to come off the indicators.

All the best,
M.

Hi Monkeyz,

why a rise to 229/230? - 217 area has has been tested twice and 3 is an important number in trading, gap is next real target / resistance area and engulfing candle yesterday suggests a further rise.

Why 217? - 217 area has shown resistance in past and on this rise - resistance becomes support.
Why 210? - natural number for an overshoot of 217 IMO,psychological round number, some consolidation there in recent days so makes a good bounce point.

This move from 162 is also a little overextended. It needs to give some back before possibly going higher. The gap is a sensible and strong resistance target to suck in a few more excited PI bulls before smart money reduces.

All IMO of course.
F4T

Hi F4T,

Out of interest what are your reasons for 210/217 based on?

I had an order at 202 this morning - too greedy for my own good! However have since moved this down to 189 based on the original breakout point but also bearing in mind any fibonacci retrace of this particular move up.

I saw Jackozy's posts on iii and tend to agree with his thinking. Although I don't trade based on EWT the move down to 173 was uncanny and if applying a fib extension of the move then wave 3 did not disappoint.

Keen to hear you thoughts,
M.

Next sell point is at gap close 229-230 IMO. I then expect a retrace, possibly as low as 210, but to 217 certainly.

GL all
F4T

So, in fact then I should be quite pleased - when I saw it wasn't taken I managed to get a few at 204.69! Ok - not so bad after all then. Thanks for explaining it all

I had a limit order for 10,000 filled at 205.25