GKP

SRB,

Your question is a bit like asking 'how long is a piece of string?' but I'll do my best
The wave 5 forecast at 204.74 is definitely not a maximum: it could well extend considerably from there. Wave 5's should make a minimum of 1.236 of wave 4; or equal wave 1; or make 61.8% of waves 1 thru 3; but 1.618 of wave 4 is a good average to anticipate , but it will be a watching brief.
On completion of wave 5 we will get an ABC correction for which we should target 50% to 61.8% retrace of the previous wave. If the retrace does not make at least 50% the previous wave was an 'A' and not a primary.
I am assuming this to be a motive wave purely because the structure fits the bill: wave 2 corrected wave 1 by more than 50%; wave 3 was a 1.618 extension of wave 1; wave 4, if indeed it has finished, retraced between 23.60 and 38.20% of wave 3. All this is pretty standard structure so far. All we need now is for wave 5 to behave otherwise we have to think again and re-label.
So, the answer to your question is, 'nobody knows' but, the above are the clues to watch out for.
Hope this helps

Diver,

Taking your wave 5 to 200/203 is that the max that we can expect from it and what comes afterwards please. Do we get an abc or a 5 wave retrace,I suppose what I'm really asking is what primary wave are we in at the mo.

Many thanks

Cheers

SRB

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE2908.png

This may now be on the up for the reasons stated on the chart. Obviously not a definite and it could still drop to 165ish so DYOR.

A finish above the trend line and the trend line will have to be redrawn. As the bulls would be back in control.


dl.dropboxusercontent.com/u/4899609/gkp29thaug.png

I think at this stage of the game we have to remember that there is likely to be sudden unforeseen price movements due the judgement filtering through any day now.

Interesting times / price action ahead no doubt.

Personally, i am waiting for the Golden Cross to be fully activated in the coming weeks.

Looking very weak. Close below 175 and all supports and RSI support also broken. 166.50 looking likely now.