GKP

Do you have a link for that bonobo please would like to see how he comes to that prediction.

SRB

Well Zak Mir has just sent a fox into the chicken coop with a 10p / 1Yr target.

Hi ft,

The only "fib" I can fit to 87p is the 100% retracement of the whole last rise. It has been discussed but not specifically as a wave target though it is a possible one - a bounce off the monthly cloud base at 103p (there's a 78.6% fib at 100p too) could point to wave C ending c. 87p. No doubt it's a key level and I've seen those p&f targets too, plus the 56p one.

WS; agreed on all points. W2 flats are rare though. I'll have a look at the Dow ones in the morning - thanks for pointing them out. Having such a bullish form in a wave 2 position certainly ought to be followed by an extremely strong 3rd wave so that fits everyone's hopes and dreams if nothing else lol!

Thank you for responding Wavesurfer

From a wave target point of view I recognise the 100 level and 65 level (sorry not exact figures) are important.
I recognise how significant 87 is from a straight forward support level.
My query is, is there a fib ratio which corresponds with the 87 level?

FT - do you mean you have seen 88p mentioned a lot rather than not ?

88p is spot to watch.

Thanks J some good a valid points.....

1) Flats, due to their bullish nature, are almost always in a wave 4 position. Here we're discussing a possible Primary wave 2;

Here is where we need to be objective... this is not a rule a myth maybe but can happen in 2's

in between 1980-90 on the dow and spx both displayed a wave 2 flat, what followed that correction was an earth shattering uptrend - with dow rising 8/10000 points. the other known w2 flat on dow was back in 2006 bottomed at approx 10683.... i'll try to get a chart to reflect at some point....

in my view a flat is flat whether regular or irreg nature. expanded or running flats by definition what are they exactly -are they just another terminology for complex nature of the structure?

For ref:




moving on to 161 - yep agree with you on that.. pivotal area.

i guess we'll just see how it goes from here on in... however things are starting to get a lot clearer for sure. either way the likeness on what follows after this correction, must not be underestimated imho , all we can do now is observe price action, look at indicators, volume, divergence, candlesticks at key area's that many have time and time mentioned so far and pick yer spots - so credit to all contributors.

as always feedback welcome, together we're all generating some sensible, respectable debate.

clearly no one is perfect, but together we can develop a greater understanding to get to a place where things start to look a lot clearer and cleaner from TA perspective.

regards WS