GKP

Potential 123 low formation on GKP


dl.dropboxusercontent.com/u/4899609/gkp11thapril2014.png


This is what people should wait for before entering any share...This method stops you from catching a falling knife.
The entry level will be 110 ...
The buy signal has not activated yet so dont jump the gun. If it does activate put the stops below the 2 point....Its that simple.

good luck
remo(keeping it simple)

Diver

Will it 5 minor waves in major wave 1 and an abc in wave 2.

Hows the golf ?

SRB

Livenow,

There are never any guarantees in trading other than - prices go up and down. All I can say is the extensions shown around the 123.60% are what you would expect to complete wave B.

Regarding the current moves, it has topped at 109 from the low at 82. It would be reasonable to expect 61.80% retrace, which works out at 92.314. We had a low of 92.12 today, so pretty good. There is nothing to stop the price moving lower but it should respect the low at 82.00 otherwise we are looking at further extensions lower. This is always possible but, personally I would be surprised given the multi-layers of targets hit at 82.00.

As for time - how long is a piece of string? I have no idea. The first waves will not be quick affairs as we are fighting the existing down-trend: many bears will still be wanting lower lows. Wave 2 will be at least a 50% retrace of wave 1, and could well be up to 85.40% because of this fight. Once wave 3 gets under way then watch out: it will fly. We are not great believers in fundamentals on this board but GKP being paid for the oil exports must surely have a marked effect on price I'm genuinely sorry I cannot be more specific but, such is trading in the big bad World.

thanks for your views diver.. Do you reckon 82p was the low of the wave B or can it go lower ? Considering that 96/7 is in danger of being breached to the downside today , does it mean another trip to test 82 or lower ? And this is there a rough timeframe for this turnaround from Wave B to Wave C ? weeks or months ?

by the way , you are correct about the main iii board. I can never forget the amount of insults hurled my way in 2012-2013 when i was saying that Todd & his cronies were not aligned with PIs interest. But even i am shocked by the extent of the damage they have done , all the while creaming salary & bonus.
I feel really sorry for the genuine PIs who are underwater due to believeing the constant ramping on the board. Though for some of the happy clappers on there , it couldnt have happened to a nicer bunch ..

dl.dropboxusercontent.com/u/7238706/Gulf...2811april2014%29.png

GKP is in an ABC. The A was from the initial release to the high of 450.00. The B has recently completed down to 82.00. We are now in the C wave which is targeted to the area between 527 > 632, this cannot be seen on the chart as there is no room but, if you run a fibonacci extension from a low of around 9p up to 450.00, then down to the low at 82.00 you will get the picture

Wave B was extremely complex, particularly the lesser wave C, which ran from the high at 259 on Sept 19 2012, to the recent low at 82.00 on, appropriately, April 1st 2014. In turn this had a minor A wave terminating at 126.38 on May 8th 2013, and a B wave terminating at 240.00 Sept 10th 2013. The minor C wave ran from the high at 240 down to the recent low at 82.00, and in turn had lesser A, B, and C waves terminating in a zigzag from 191.25 on Jan 13 2013. This zigzag was fully supported with divergences in the RSI for both integral waves 3's.

The change of direction from the B to C waves will obviously be a struggle: it always is. The first hurdle to clear is the resistance at 126.38, which should be completed with an extension of the current move from the recent low up to the high at 109.00 from yesterdays low at 96.00. This projects a 100% extension to 123.00 > 123.60% at 129.37 - so it is in view now.

This share has severely tested the patience of many loyal shareholders who, unfortunately, know very little about either technical analysis, the oil industry, nor the tribal middle east yet inhabit the iii website and throw insults and verbal abuse at one another like petulant children. Thank God for Chartsview!

Excuse the labeling, some of which is incomplete. I am trying to adopted a colour scheme whereby the lesser waves are labeled in a lighter shade of blue with the major waves in black. I have left the fibonacci extensions on the chart to indicate the completion of wave (( B )), the green one running from the high at 259.00, and the blue one from the high at 240.00; both of which have the low of 82.00 firmly in the respective target areas around 123.60% of the extensions. Also the red one, which is a bit cramped, but shows the target of 126.38 in the target area between the 100% > 123.60%.

In my opinion this is the definitive wave analysis for this company but I accept others will have differing views so please do your own research. I sincerely hope those who look at this analysis in some detail will learn from the experience and realise the complexities that can and do exist within what Elliot Wave International describe as a simply ABC. These are usually complex little beasties and very seldom form in three simple waves.

I don't know if anyone ever followed Notever on the old iii CV site but he used to have the "batman" theory. If anyone recalls it and uses it in practice I'd be interested to know what you make of the GKP chart and if Notever himself is around it would be good to hear your thoughts.