GKP

B77,

Yes, I do see merit in that. I think 131.5p is close enough to 129p to count as the same. If that level goes then, from memory, there's really only the 111p area to hold it and that's not strong imho.

By the way, I just want to say well done to you for getting to grips with TA. I know it's not for everyone who invests and you're probably mainly a fundamentals guy (based on your impressive research and knowledge in that area) but I have to respect you for adding TA to your arsenal. KNowing about it doesn't mean you have to use it but at least it helps manage the emotional side of investing!

Jacko, do you see any merit in the following: it appears that if you take the rise from 87p to 450p (Aug11-Feb12), we have now dropped easily through the 78.6%% Fib retracement of that move at 164p. The next level to look at is the 88.6% level at 129p (and maybe yesterday's 131.5p is that test). If 129p fails, then the full 100% retracement could well be tested at 87p.

I note that the 129p level corresponds with many of the technical indicators posted earlier in this thread by farmertim.

haha, stupidly i closed after holding for so long, was well pissed.. then re-entered on the break down, i have no position in gold - looking to reshort @ 1550 ish but then i'll have have target $1000 for a bear market low

Completely agree with everything you say there, WS.

I also have the markets having completed B up yesterday so 5 waves down for C and then up we go. We're still due a backtest of 14198 for the Dow but, again, that's a bit obvious so my preference would be a drop to the Dow's trendline up from the Nov low which stands at 14050 today though it does coincide with 14198 on 10th May. We'll see how it goes.

PS Hope you enjoyed your ride on gold and kept those shorts open all the way. I still think that's going to make a further low and had 1265 as a possibility if I remember our discussion correctly.

Indeed J - looks like it's happening again - the power & interpretation of Psychology vs Price is fundamental...

where the mass (PI base) are herded to some key levels, it's often best to look at another indicative levels and as we approach the end of the month - must keep an eye on the monthly chart and where it closes.

as you know i expect the market to correct or they have been for a while - complex and my view is B completed yesterday and were now in the early stages of C down, that my preferred count and i'm already positioned, i have an alt which is still bullish but wont give that any thought unless us markets make new highs and close abv em. if this is indeed a C wave down then what further impact will it have on this share.....

hopefully investors in this will get there rewards eventually, perhaps this is the last saloon - price action reflected in candlesticks will start giving some clue to a bounce, volumes, +div on lager timeframes will be the watch for here on in.....bottom picking now after key breaks comes with a wealth warning.

Nice, WS

That whole middle section: greed, thrill, anxiety, panic, more panic, denial and capitulation were all clear to see as they happened. Amazing the power of money, eh?