GKP

Gkp is approaching an important level.
Theres 2 levels of support close together . this does not mean go long...
The trend line support is at 130.3(redrawn)
The main support line is at 126. This level is important as a finish below this and it opens up 87p target. This level is the horizontal support.Its been a strong support in the past on numerous occasions.May be worth a long for the brave at 126 on a first attempt basis. Use tight stops of 5 points so the risk is minimal.
The way the markets are behaving theres risk attached to the long side so be aware of that.


dl.dropboxusercontent.com/u/4899609/gkp24thjune.png


heres a long term chart view

dl.dropboxusercontent.com/u/4899609/gkp24thjune1.png

The 126 level is also right near the channel support so if it does break you can then roughly count how low it can go. And its not that far from 87 so hence why 87 will be the logical target if GKP breaks past 126.
good luck in what ever you do
dyor

Here's the alternative weekly count:



dl.dropboxusercontent.com/u/20815047/FTS...ly23_06_13count1.gif

The main problem we have is that these two main options present us with a very wide range of possible bottoms for this move.

In the above count, wave 5 of C could be truncated and end above 126p or be conventional and end below that price. Even then, it could be part of the wedge or not. The only thing we know from this count is that it must end at, or above, 87p.

Using WS' count (Primary wave 2 since the original 203p high), the low for this move could be any of the above or could even be below 87p.

The only thing we can do is wait for the bottom to form and go from there.

Updated weekly chart

dl.dropboxusercontent.com/u/40497882/GKP_Weekly_22June13.JPG

Good call on the 137/8 Jackozy.

Key level 141p:



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily21_06_13.gif

Will it hold?

Hi WS,

Yep - there's an active hourly P&F target (1% x 3) at 133.7p too which ties in nicely. Plus the original breakout point of 137.5p where some decent volume piled in last time round.