GKP

hi jackozy
That 194 area is a good support level. Since the price took 7 trading days to re-attempt the same area may still imply strength of 194. If the price tested the same area a few days apart then re-tested it then a better chance of it going through. Since its been more than 7 trading days since the last test it may still hold but as you say that area has been weakened. I would not be comfortable going long at the 194 area.I would be more comfortable at the 61.8 fib level like you.Also that just so happens to be breakout point.

regarding your waves .
those 2 test of the 195 and 194.11 may have completed an ABC correction as the 194.11(your A) was slightly lower than the 195(your W) so could be classed as complete. Unless my chart is wrong???
Any way as you know i only do Elliott on indexs and currency This is all yours.

screencast.com/t/vS1dIkteHcj




Jacko, charts look pretty similar huh? I'm still expecting this to go to 185 minimum, and possibly to 177 extension where there is support.

Hi

Remo: close your eyes and ears, it's fundamental stuff!

I found this write up which is based on the RNS today.

www.iii.co.uk/articles/75604/gulf-keysto...legal-dispute-update

Interesting.

Gee

Hi diver 993,

Looking at your longerterm chart, I see a 3,3,3,3,3 (EW 5x3 diverging formation) since the 141 breakout

The present final 2 of final 3 may well be lower before the final up ? (280 - 320 ?)

141 - 320? Being wave B ? With final wave C down to come,imo

Good luck to all traders and longterm holders in Gkp, it,s going to get volatile as Remo says

Please make your own minds up, from a cool Korea have a good day.

Remo, you could be right about that slightly lower low....but...that would make for a very small wave C in comparison to the same degree wave A, no? It would also suggest a wave C with only 3 subwaves which isn't right (unless it's a wave W, Y or Z)

Diver, yes, it seems our recent views coincide however, I note that you (and Wreckless Eric too it seems) are counting the move down from 450p to 141p as a wave A down implying a low much lower than 141p to come later on. I have 141p as the low of a wave W with wave Y ending at on orthodox low (not a price low) at 161p. I'll try and post a chart showing this later on.

Wreckless Eric, I think most of us seem to be in agreement that it's shaping up for a move to the gap at 339p in the coming months. You're also expecting that to be followed by a retrace below 141p if I read you post correctly? That might finally break the backs of all the long term fundamentalists if it were to happen!

OK, here's how I see the corrective move from 450p:



dl.dropbox.com/u/20815047/GKPcorrectioncount19_02_13.gif

It makse sense to me for the severity of the zigzag down to 141p to be balanced by a bullish flat. It also makes sense that the correction is at least a double three (possibly a triple three) as the drop was so fast that it really needed extending timewise.

I had previously thought that all wave Cs must consist of 5 subwaves but I've since discovered that they can have the corrective form only when they're in wave W, Y or Z positions (they can also be triangles but only as the last move of a double or triple three and there's clerly no triangle anyway).