GKP

Hello just messaging to introduce myself guys. Was a keen follower of Steve's FTSECHARTS site and been doing all I can to brush up on my technical skills and learn more. Just wanted to say thanks to all contributors here as the discussion is certainly useful and has already "saved me" from making some poor trading decisions thus far (mainly by making me assess and reassess the rationale for entering a position).

I did have a quick question as regards the live chat? Do you simply open it and then start chatting or do you have to subscribe/get invited to the rooms?

Thnx Jacko, that's a distinct possibility.

I dont surf anywhere without my fibs;) which is why I like 82 as a bottom but, if we repeated wave 1 from 109 it would give us 74.42 low, which is not a million miles from 76.082, which is what I have as the 123.60% ext from 195.50. As we know only too well, extensions are always possible too, as has been demonstrated many times with this company, and would take us back to the bears....

If a wave 4 up from 82p then I have wave 1 = 196 to 161, 2 from 161 to 191, 3 from 191 to 82 and currently in 4. Is that what you mean?

I also have possibilities which have 82p as the bottom and one which sends this much lower in time. Got to be careful surfing the waves without checking on the current and tide conditions!

Hi Diver,

Sorry but I'm not sure I understand...if this is a potential wave 4 up from 82p then we must have already had waves 1,2 and 3, no?

Jacko, so where do you see waves 1,2 & 3 to go with this potential wave 4?

I do count the current move to 109.00 as a 3 way structure .....

I forgot to add; the bounce off 92p on Friday will generate a downside target if it fails to take out 109p. This will become active should 92p fall.

The maximum downside target that could generate would be 58/61p - also not far from the next price support at 64p.

Daily trend remains down so be careful, stick to the "Remo Rules", use stops and take profit at resistance. Simple.