GKP

Hi Diver,

I'mm having a real hard time following those waves of yours - everything is corrective with not a single impulsive wave in sight. Even corrective sequences contain impulsive moves.

Your projection ends with a wave (b) but there isn't an (a) and where would the (c) be? Having a wave (b) there would suggest to me that you're expecting a (c) up before another, much larger move down to well below 141p if I read that correctly.

Can you please try and explain your count, or possibly simplify it so I can understand where you're coming from?

Thanks.

Jackozy, you make me smile. The one thing I've learnt about EWT is that we all try and see waves in too small a detail. In the majority of instances there is no such thing. Look back over the big picture where possible. I say where possible because in many cases this is extremely difficult due to a lack of data: many providers only starting at the year 2000 for example. Check out any chart and I would suggest you will see many more corrective moves than impulsive ones: it's just the nature of the beast.

In the case of GKP I'm seeing an ABC move since inception and I trust this view will prove self-explanatory.

screencast.com/t/9N6pA48qzc

Sadly I cannot fit everything onto one page. The fib extension is showing a target for wave (C) of 620.00 to 730.00, being 100 to 123.6%. If the extension gets to 1.618 of A, and there is divergence at the top of (C), then the whole thing is impulsive and for (C) read 3; for ( read 2; and for (A) read 1. There really is no way of knowing in advance, we just have to let the chart evolve and tell it's own story.

Hope this helps.

sorry mate, the cool dude with the specs should be the B wave

A view of the hourly;
uk.advfn.com/p.php?pid=chartscreenshotsh...QGikUf+9gh7gwMMcV4qk

A smaller symetrical triangle (red) had resistance at yesterdays close of 194.50 and support at 190.5, so those are the key marks today.

Note negative MACD divergence on move from 182 which hasn't played out yet (and may not )

F4T

Well, nice breakdown last week as expected.

On the hourly we had a pop Friday afternoon due to traders buying into the positive divergence built on by the usual weekend no hopers, but volume bled out before close. Nice downward channel still intact. I expect weakness to continue.

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

On the daily we are also still very nicely in an exquisite downward channel. Last week's breakdown clearly shown. I'm not particularly excited about the hammer type candle on Friday. You might see a monday morning rise to 190 but I expect the retrace to continue particularly since broad markets look very weak going into the next week.

Rising long term support is now ~174.50 which is now a certainty in my mind with some stubborn support in the 182/3 area on the way down. A break above 194.50 is needed for the bulls to get a hold.

uk.advfn.com/p.php?pid=chartscreenshotsh...r7H+l&symbol=A%5EAPT

F4T

Just wrote a whole piece about this but when I clicked "submit" I got logged out and lost it.

Suffice to say my "surf's up" analysis suppports your view F4T.