GKP

screencast.com/t/vS1dIkteHcj




Jacko, charts look pretty similar huh? I'm still expecting this to go to 185 minimum, and possibly to 177 extension where there is support.

hi jackozy
That 194 area is a good support level. Since the price took 7 trading days to re-attempt the same area may still imply strength of 194. If the price tested the same area a few days apart then re-tested it then a better chance of it going through. Since its been more than 7 trading days since the last test it may still hold but as you say that area has been weakened. I would not be comfortable going long at the 194 area.I would be more comfortable at the 61.8 fib level like you.Also that just so happens to be breakout point.

regarding your waves .
those 2 test of the 195 and 194.11 may have completed an ABC correction as the 194.11(your A) was slightly lower than the 195(your W) so could be classed as complete. Unless my chart is wrong???
Any way as you know i only do Elliott on indexs and currency This is all yours.

Looks like it respected that downtrend perfectly today. What do you make of those 2 dips down to 195/6p remo? To me they suggest a possible descending triangle, or at least a weakened support.

210.5p was also the hourly p&f target (that p&f chart has been pretty reliable recently).

FWIW, my updated wave count of the move from 161p is now as follows:



dl.dropbox.com/u/20815047/GKPdaily18_02_13.gif

In finer detail, the ABW wave looks like a zigzag (5-3-5) and, if correct, wave ABY looks like it's shaping up to be a flat (3-3-5).

I'm still expecting a test of the 187p breakout point which is also the 61.8% Fib of the 161p to 228p move. I could still be wrong on this of course. Either way, I'm waiting for either 187p or a close above 230p. Anything inbetween leaves the picture unclear IMHO.

Court case maybe over in 3 weeks time so expect some volatility on this share.
If this can finish above 210 then that would be bullish as that would finish above short term trend line and also the rsi trend line is breaking out today. obviously the day is young and things can change by the end of day.
Like i said this ones gonna get volatile soon so be aware.

I agree with that, especially since it may be 3 months+ before cc settled. Lots of time for market downturn.

I am doing BIG charts today, so here's my big GKP chart.

The chart tells me that it is well worth waiting for rising long term support, currently in the 171/172 area. SP has bounced off falling resistance twice already and GKP is weak atm.

I am looking for general weakness to appear in the broad markets to ensure my entry.

We will see eh!

F4T

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