GKP

My take is still a very clear short term H&S, and the neckline was broken yesterday with a close below it, so I expect a relatively quick retrace below 200 if it plays out correctly. Money flow index and stochastic also now heading south. A lower close today will also probably give a negative tick on MACD.

Some support to be broken at 202/203 with the MA200 and MA20 on the way down.

Correction to my last post here. The rising trendline from 164 was only broken yesterday. I took a quick reading off the iii javachart the other day, which as, i should have known, was woefully inaccurate. Apologies for that.

Likely targets are the 50% retracement level of the 161 move at 195 or 61.8% fib at 186/187, the 186/187 area also being horizontal support from 12.12.12. My orders are in at the 187/188 level having closed my 162 purchases at 220+.

Funny that the conclusion is the same as made by the wave therapists but by a different method. Jackozy, do you use retracement levels and fibs for your wave targets?

I won't post my chart because people will want to redraw it

F4T

PS: Also note that S&P500 touched 1505 out of cash play yesterday, then retraced. I would like to see it do so in market hours to create a possible top. All indices overextended IMO.

screencast.com/t/dgV8kdQCl




This continues to follow a well forcast path with completion of the next wave expected to be between 195 and 185.

Short term H&S forming on the daily, neckline at ~211. A close below this points to sub 200 once again. Rising trendline from 164 also breached today.

Well, the 203 bounce happened at 207 but sp failed to break the 217.50 resistance, which was bearish.

S&P500 will hit a wall at 1505 soon spelling a retrace in all markets IMO. Let's see.

GL
F4T

Hi Jackozy,

sp pierced / bounced off 208/209, the 61.8% fib retracement of the last 203 move yesterday. I expect to see 203 by wednesday personally as it was pierced and the reversal is still in process.

F4T

Jackozy wrote: Yep, agree with that. I'm also expecting a bounce from 203p to test 215/217 before a wave C down to 195/187.

Beyond that I also agree that 230p is probably the most important price level for GKP now and I expect it to provide resistance and support a number of times assuming that GKP continues long enough for it to play out.

Tradesmarter wrote: surpised there where no charts on this thread...anyway I was hoping for 141 to "invest" and missed the 161 be quick trade....I do think a pullback to 202 likely, but think 260 test will be met in due course. (Edit..muppat how did I not see the one just below from Mr Jackozy!)..either way we both seem to think 203 offers a bounce trade

hi tradesmarter
Your not a muppet ,I moved your post as it was in the general chit chat posts for GKP from last week.
Sorry about that.

Yep, agree with that. I'm also expecting a bounce from 203p to test 215/217 before a wave C down to 195/187.

Beyond that I also agree that 230p is probably the most important price level for GKP now and I expect it to provide resistance and support a number of times assuming that GKP continues long enough for it to play out.