GKP

Jackozy, the retrace to 139 is the first wave of an ABC which can be either a zigzag or a flat, dependent on what the current C wave does.
The 114 level is merely a fib extension in the present ((a)) & ((b))but happens to coincide nicely with the 76.4 retrace of the entire move from 5.75ish to 465.00 and has been a consistent support/res area thru 2009, 2010, and 2011.
Let's see what happens. It's all moving our way for the present. Take care and have a great Christmas.

Hi Diver,

I'm looking towards the main trendline from the 10p days which stands at around 138p today. 140/1 has been very significant in the past so it that level goes then I'd look to 87p personally.

An observation re your waves:

In your wave A down to 139.25p you've labelled the subwave c as an abc - a C wave must have 5 subwaves (ie your wave A has been counted as a 3-3-3 but it should be either a 3-3-5 or a 5-3-5).

In general I agree that it needs to go lower to complete any pattern. The only thing about 114p is that it's not really a major support (111.75p was a support once a while back) so it doesn't seem significant to me. I wonder...where is the 161.8% extension of wave ((a))? It might be somewhere near 87p perhaps (I haven't checked)?

Hasn't the trendline you have put in been broken?

screencast.com/t/ria55m4OFyh

Does anyone agree with me that this appears to be heading back to 114 to complete and ABC correction from the high of 465? If the current trend line is anything to go by we should be there around the middle of February. The projection to (( c )) is based on an equality with the (( a )) wave from 259.49.

Just another GKP chart view, short to medium-term more up before more down!?

Diverging trendlines?(based on closing prices).

(in a GKP bull market or GKP bear market? ABC?).

dl.dropbox.com/u/87556809/e40c51f41e9c9a...96eaada98058_png.mht

As some may know, I like to overlay trendlines drawn on a line graph over candlesticks as I find closing prices more reliable, but also use candlestick formation analsis for the best of both worlds.

For those disbelievers, here are both. Note closing price resistance for the past few weeks that has held pretty true.

Have a good weekend.
F4T

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