GKP

Agree that 202/203 is likely target for a bounce per my Friday post, being MA200 and horizontal support from 21.11.12. I would limit any initial bounce to 217.50 though as that will need cracking again. 230 will wait until Feb IMO.

The top reversal pattern has played out beautifully going into this week.

F4T

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 twl2009,

No change to my analysis so far as it's playing out almost perfectly. I'm expecting the gap to get filled after this correction as I think it's too late this time around. There was plenty of time for the bulls to push it up but they didn't. There's also been a lower high on the hourly chart which suggests another failed attempt. I think it's all quite clear on this hourly chart:



dl.dropbox.com/u/20815047/GKPhourly17_01_13.gif

Which leaves the question where next.
Back up to try and close the gap or back down to test 217 again.
Any ideas?
Jackozy how does this fit with the EWT you posted before?

AdeMcG, I wasn't having a dig at you for gloating mate. I like your contributions here.

Remo, good idea to have a fundamental section where the stargazers can go


Well, sp only made 228 before the retrace I expected to minimum 217. Bounced off 50% retrace of 203 move. I'm very surprised it didn't spike first thing to that mark though. It seems that the remaining bulls lost their nerve and the city boys didn't bring it up a little to tempt them.

It only tested the bottom of the gap (didn't close it), so I expect it to have another go in the near future. Once hit I can see MA200 becoming support before month end.

F4T

There is no Risk to be controlled on a free position, but I know where you are coming from
and do you have a link to a free e-book of the afore mentioned publication?