GKP

no change in view J.

Price 1st. initial support 126-131 is holding and setup nice candle sticks.. so for me it's a scalp play for now....

watching volume & watching ~145> 155> 161/172**

also note the change from condemnation, fear and panic to optimism... in the last few days on forums...

rgds WS

Either of you guys (or anyone else) seeing this as a wave 4 of C?

close above 137 will give a 123 low breakout

Nice set-up of candlesticks....still early days..

dl.dropboxusercontent.com/u/40497882/GKP_daily%2015thMay13.JPG

Even if that does happen it could still be a wave 4 of C though. (In fact I think that's exactly where we're at here).

This needs to close above 161p to pretty much eliminate the possibility of a wave 4 (even then it could be a diagonal triangle).

I have the the previous channel base at 147.38p today, the old main uptrend at 155p and the previous support at 161p as resistances:



dl.dropboxusercontent.com/u/20815047/GKPdaily13_05_13.gif

123 formation may be forming on GKP. If you look
at todays candle its gone lower than fridays candle
but not lower than the low. As long as the low is not
broken then we may have a 123 low formation on
the cards for tomorrow or some time soon as long as the low
is not broken. If the low is broken then its void. The signal
will come once the 137.5 is breached. NOT TODAY thou



This is just for education purpose so people know what to look out for when trying to catch a share thats been in a down trend. This can help in not catching a falling knife as such.
If you look at the chart carefully you can see that there has not been a 123 low breakout since the high in jan so you would not have entered any new positions as such since then

The 123 low will only be valid from tomorrow and NOT TODAY.. AS LONG AS THE LOW(126.3) IS NOT TAKEN OUT

The above should be used as learning material