GKP

...Actually, not too disimilar to Diver's chart.

screencast.com/t/F79ilHjSUVRc

Laters.

F4T - No problem - Just didn't want holders getting scared when I know such a pattern can reverse quickly as it has already. As you said, the time to buy was below 50p. Favouring my first scenario now, with the EW count.

GLA

dl.dropboxusercontent.com/u/7238706/Gulf...td%20%28daily%29.png

A possible scenario.....

Thanks for the info on island reversals KK. Interesting as in my experience they have always been effective.
If you strip out all the emotion and positive bias it is clear that this is over bought and extended. 100% in a month, asset value, crude prices, war and reversal patterns! The time to buy was below 50, not after such a rise. We will see very soon.

F4T - Just for a bit of balance here, According to Bulkowski, "the Island top or bottom has the worst performance rank of ANY chart pattern - Dead Last - regardless of the breakout direction."

thepatternsite.com/islandrev.html

So I wouldn't put tooooo much emphasis on that if it gaps down - only to reverse, as this pattern frequently does - hence the bad performance rate.

I can see a bull case and bear case here, for an exercise the other evening I drew some upward channels on the chart just to see what we might be looking at if the trend change is confirmed at some point. It's quite enlightening the interaction of wicks and open and closes with the trendline channels. Guess where it closed today? Bang on the bottom of the channel trendline. The target at top of channel tomorrow - the same as Trendfriend's bull flag target £1.....



screencast.com/t/UmdzDj6jT

Close call tomorrow, too many mixed signals, I can see the case for one last leg up adjusting EW count and upward channel support, and can see the bear case for a pullback as I've mentioned below....tomorrow will tell.

GLA

Food,i cannot seem to find the 'No Thank You' button but when i do,i shall be pressing it.