GKP

Firstly, Diver - no need to apologise to anybody! Who gets it right all the time, especially with GKP??

B77, the gap has not yet been closed but the SP is approaching an area of multiple supports:



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily19_09_13.png

Depending on your view, the gap stands at either 193p (the high of the previous day - ignore the big green candle low) or at 187.75p which was the close of the previous day. I prefer the latter for determining stops.

In addition, we have the breakout point at 189.75p, the uptrend support which will be at 183.5p today (Fri), the 50% Fib of the 129-240 move at 184.5p, the 50% Fib of 126-240 at 183.2p and the doji from 6th Sept at 184p. Pick you own from that bunch but I'd have a stop below the trendline in case it goes.

If the trendline does break then I'd look to 171p as the 61% Fib of the 126-240 move for a target for wave 2 down from 240p with a stop below 166p.

At this stage we cannot be sure which wave we're in so it's best to use other methods such as standard S&Rs (which we should be using anyway with waves only as a guide).

Little doubt that a new uptrend is in play though, but I would like to see a close above 230p and then 260p to be completely sure!

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Rats! I hard a horrible feeling this may happen: the move to 203, though settling at a strong support, was not a three-way move. The low today, which my software shows as 196.00, is as close as damn it is to swearing to the 38.2%fib retrace of wave 3 at 197.69, and is also a 61.8% extension of sub-wave (a) from
( b ). In short, I got it wrong. I shouldn't have trusted the support, strong as it was, without the fibs to back it up. My apologies. Sorry!

The question on all our lips: did the gap close?
Doesn't look like it.
What Fibs are in play now?

SirRichardBunson wrote: Am I looking at a bear flag forming, Im not sure if I have seen one before at the top of a trend perhaps the experts could enlighten me.


Only another 499 to go (only joking Remo)


www.screencast.com/t/wl7dnNsxI

Its not a bear flag.
Bear flags comes after a long down move...so the opposite of a bull flag.....

surely thats a bull flag?

Am I looking at a bear flag forming, Im not sure if I have seen one before at the top of a trend perhaps the experts could enlighten me.


Only another 499 to go (only joking Remo)


www.screencast.com/t/wl7dnNsxI