GKP

I have a potential/imminent breakout on the daily. SP is leading RSI, so will watch the RSI next week for confirmation. Nice positive divergence on MACD.
If it follows through it should also conquer the 50sma. 109 would be the next target followed by the gap at 140/143.

Support at 80 (trendline) and horizontal at 72 and 64.

uk.advfn.com/p.php?pid=chartscreenshotsh...7w%3D&symbol=L%5EGKP

Trendline resistance already broken on weekly, which trumps the daily.

Monday should be interesting.

F4T

SRB,

As far as notation is concerned it could be the very start of either wave C or wave 3, but really only time will tell.

Hey F4T,

Doesn't a Shooting Star require a dark body?

Cheers
Woody


No, the colour is not important.

Diver where are we now please with regard to EWT Waves in your opinion.

Tight Lines

Hey F4T,

Doesn't a Shooting Star require a dark body?

Cheers
Woody

Daily chart.....

dl.dropboxusercontent.com/u/7238706/Gulf...%2819june2014%29.png

.....I still find it amazing to note how well the Fibonacci levels coincide with the supports/resistances, and how well they predict future levels at either the 61.80, 100.00, or 123.60% levels.

Here's the hourly for a look closer in.....

dl.dropboxusercontent.com/u/7238706/Gulf...20Ltd%20%281H%29.png

....see how the bottom at 72.25 was so accurately predicted in both time frames.
I have no idea if yesterday's price of 82.50 was the bottom in the current retrace. Frankly I doubt it, as I think it may well go to 38.20% and, more likely 50.00% before resuming the climb from obscurity