GKP

J, apologies mate. Talking at cross purposes here: I thought you were referring to a much smaller triangle. The large triangle opportunity you highlight is a possibility though, due to it's location, it would require some drastic relabeling, at least on my part, to accommodate as triangles usually only occur in wave 4's or B's or as connectors in ABC's.
The RSI is a great little tool for confirming triangles as it will religiously follow the pattern of the triangle: if the SP goes up then so will the RSI - never the other way around. Handy!

diver993 wrote: J, check out your RSI and I think you'll find the triangle has been invalidated: today's reading is higher than Feb 4th; if the triangle were to form the RSI would take the same reducing form as the SP.
After so many false dawns it will be good to see this come to potential;)

Can you explain what you mean please Diver? Today's candle was the 4th Feb. Also, I don't see how RSI can invalidate the possibility that there could be a descending triangle in play - the only thing that can do that is a price breakout surely? RSI could give a clue to that happening but price is king...

240p, 148.75p, 196p, 149p....descending highs with flat bottom. It's a possibility is all I'm saying. I've seen these break to the upside before too.

Just my observations.

a close abv todays high will be key esp abv 165, clearly buyers stepped in at a key level to create a bullish engulfing candle today (day 2) which also sets up a potential bullish outside 3 reversal setup, needs to confirm by another green candle (day 3) higher daily close for that to happen and today lows has to hold - today's low at 148.9 (HL) and the last low of 148.6 (Nov 13 2013 daily candle)

dl.dropboxusercontent.com/u/40497882/GKP%20Daily_Feb04.PNG




Important few days for GKP imo.


rgds WS

J, check out your RSI and I think you'll find the triangle has been invalidated: today's reading is higher than Feb 4th; if the triangle were to form the RSI would take the same reducing form as the SP.
After so many false dawns it will be good to see this come to potential;)

Sets up a target of 179 which also happens to be the main downtrend resistance in a couple of days so 179/181p is now a key level. Watch RSI for a possible break indicator. If it falls back off that then there's the possibility of a nasty descending triangle with base at 149p. I'll leave others to work out possible targets for that...

Critical times but looks like a decent size move is coming soon....but which way?

...and here's a close-up of the hourly....
dl.dropboxusercontent.com/u/7238706/Gulf...d%20%28hourly%29.png