GKP

Ya wee devil! Just convinced me to reset my target to 259. Already upped my stop to 209. In at 204. Bon chance mon ami!

remo wrote: Im long on GKP from the 203 area.
This level has been support and resistance for gkp for a long time.

dl.dropboxusercontent.com/u/4899609/gkp12thsept.png

This should be a free trade now for anyone that got in at 203.
Ive moved My stops on this to 208 .

dl.dropboxusercontent.com/u/4899609/gkp17thsept.png

An alternative assessment to EWT, but also bullish.

uk.advfn.com/p.php?pid=chartscreenshotsh...ZA%3D&symbol=A%5EAPT

Firstly the retreat from 240 tested good horizontal support at 203 twice and held leaving a bullish harami pattern on Friday. SMA50 also crossed above the SMA200 giving a Golden Cross, strengthened since both indicators are now rising. Nice back test also on RSI breakout with indicator also now rising. Also noticed that there is a breakdown of long term bearish divergence on MACD.

Trendline support below 203 is at ~197 which is also the 38.2 fib retracement of 129 move and 193 below that depending how you assess gaps.

First upside resistance is minor at 214 (50% retracement of 9/10 rise and 23.6% retrace of 129 move. Above that we have horizontal resistances at 228, 240 (new) and a strong test at 259/60. If 260 falls then there is a gap in the 334/337 area from March 2012.

Looks a good platform for an extended rise next week so long as 203 is not tested a third time as IMO it is likely to fall if it is. If 203 falls my sense is that 193 will hold.

All set up nicely IMO with only fundamentals to spoil the party (cash/production) but technically all looks good.

SirRichardBunson wrote: Hi Diver,

Always interested to see your EWT breakdown, just one question for you is wave 4 complete in your opinion or can we expect another minor wave down below 203 before major wave 5 up.

Regards

SRB

SRB,

I wish I knew is the honest answer. There is always a chance this could go lower but I would be surprised if it went below 197 as this is the 38.30%fib.
I firmly agree with Remo regarding the 202 support level and I'm long as that level also falls within my target area between the 23.60% & 38.20% fibs, which I look for for a wave 4 retrace.
So, everything looks good; now it just needs to follow through

Regards,

Diver.

Big UP

Well done holders.... more to come ? Monthly has not even got going yet but it's close....

Current count suggest a major wave 1 of Primary wave III.

Longer term charts..
weekly



dl.dropboxusercontent.com/u/40497882/GKP_Sept14_Weekly.JPG

monthly


dl.dropboxusercontent.com/u/40497882/GKP_Sept13_Monthly.JPG

one with fibs from low of 4p to high 202 P1 (highlighted) fibs...

dl.dropboxusercontent.com/u/40497882/GKP_Montlhy_Sept13v1.JPG





All imho, dyor....

rgds WS

Hi Diver,

Always interested to see your EWT breakdown, just one question for you is wave 4 complete in your opinion or can we expect another minor wave down below 203 before major wave 5 up.

Regards

SRB