GKP

Perfect bounce...Real text book stuff

dl.dropboxusercontent.com/u/4899609/4thfebgkp.png

I hope a lot of you GKP fans got into this trade at the perfect level earlier today
That shows how effective technicals can be and a bit of patients can help you..
What your looking for now is a nice bullish engulfing pattern

Bounced straight off the main uptrend support and horizontal support at 149p so far today. Can't form a hammer off that now as it's bounced too far from the open so need to see how it closes...

A note to myself, 'check the 4hr before posting in the future'!

dl.dropboxusercontent.com/u/7238706/Gulf...0Ltd%20%284hr%29.png

The current move down from the 191 high is a 5-way move as highlighted by the divergence on the RSI. Look deeper, and the swing down from 169.75 ( iv), is also a perfect 5-way, meaning we now have to complete the wave v to complete the entire move. This has two usual options - that said it doesn't have to be normal, so watch out - first option, the same as wave i, which is invalidated by yesterdays close; second option 161.8% extension of wave iv, meaning it will finish around 148.55. Just hope there is no extension to the wave 5

Forgive me for calling this done......

dl.dropboxusercontent.com/u/7238706/GKPdaily.png

....hope I'm not pushing my luck

Jackozy, I'm not saying it's going to go up, merely that the count holds good until invalidated and this wouldn't be the case until 148.62 is taken out.
There is a distinct possibility that what I currently label B/2 could turn out to be the A wave in an ABC, in which case it will go lower.
As in almost every circumstance there are two possibilities; I'm just trying to see what is already there. A break of 160.75 today and we are going to seriously threaten 148.62?!?