Lloyds

Jackozy/Remo

Not being an expert on Elliots can you please tell me after the 5 waves for lloyds can we expect an abc retrace and then what is the the bigger wave count please.

Many thanks

SRB

Hi jackozy..
Perfectly makes sense from an Elliott point of view
It actually fits really well so a good level to short would be 63 as that would be the same size roughly as the wave 1 move (wave 5)
Ohhh i better not get into this elliott stuff as it does my brain in

Hi remo,

I wrote that before today's gap up. I wasn't expecting it to gap over the downtrend so for me, now, it's a sideline job. I'll wait either to go long at today's gap fill, or to go short at the 57.7p one as long as there are some sell signals there.

This last move off the trendline needs a wave 4 (of 5) imho. The whole move up from 21.6p has a lovely wave structure so far and we seem to be in the 5th wave of that so the 57.7p gap looks a good target for the top of that wave. Does that makes sense?

Jackozy wrote: This has played out perfectly and is now approaching the downtrend resistance from the 2010 high which is at 54.58

If it breaks the downtrend I'll go long to that gap.

Hi jackozy.
I take it your on about the current gap up for a long on the gap fill?? And not on the gap at 57.7 as this would be resistance.

This has gapped above the downtrend resistance today:



dl.dropboxusercontent.com/u/20815047/LLOYdaily30_04_13.gif

It looks like it's going to make a new high and complete a 5th wave up.

This has played out perfectly and is now approaching the downtrend resistance from the 2010 high which is at 54.58 today:



dl.dropboxusercontent.com/u/20815047/LLOYdaily29_04_13.gif

I'll close my long there but I'm not going to take the short as it looks to me as if there have been 4 waves up from the 21.6p low from Nov 2011. This would suggest a possibility of a 5th wave up (if this is the case - the current move could be a wave 2 up instead) which might fill the gap at 58p.

If it breaks the downtrend I'll go long to that gap.