GKP

Hi TJ - where the final 5th wave stops within the low of 3. so in this example 126 be the low of 3, 4th possibly in play to 145-161, followed by a final wave down to make a 5 wave sequence. can it happen - yes, is it likely to - dont know, but cannot rule it out due to the nature of the move down.....my preference is a slightly lower low with an ending diagonal structure.. be just perfect..... i just like to keep all option open until they remain null and void that means a break and close below yesterday low or a move up abv 161.

am i surprised by the bounce of 126 - hell no.....

and Kudos J on sxx....

Tejassi wrote: Hi WS Sorry don't understand what you mean by this?

WaveSurfer wrote: I would also not discount the possibility of a truncated 5th. i watch and observe

rgds WS

Hi Jackozy are you back in GKP again at this time and suggest 161 as an exit point? Got to admit to being tempted @127p yesterday almost bought

Regards Tej
PS Well done for selling SXX @28p

remo wrote:

Jackozy wrote: Hi Tj,



Re GKP, no, I'm not back in. I'm still waiting as I don't see this downtrend as complete yet. I might even have a cheeky short if it gets close to 161p

We'll see...

Ive tried many times to short GKP but my broker does not allow it. Its got some sought of ban on shorting it. Who do you use to short GKP ???????? If its possible..

Remo, sorry for not getting back to you before.

You can definitely short GKP,, maybe not with IG, but you can with Saxo and probably some others too. The only thing is that following on from the volatility up to 450p, Saxo increased GKP's risk rating and hence the margin required too. It was 15% but is now 25%. I think this was a good move as it's in their clients' interests. Saxo seem to want their clients to win whereas IG seem quite happy for theirs to lose.

Just my opinion from my own experiences with both.

PS Saxo's platform is much more professional too. Open a demo account with them and try it.

123 formation may be forming on GKP. If you look
at todays candle its gone lower than fridays candle
but not lower than the low. As long as the low is not
broken then we may have a 123 low formation on
the cards for tomorrow or some time soon as long as the low
is not broken. If the low is broken then its void. The signal
will come once the 137.5 is breached. NOT TODAY thou



This is just for education purpose so people know what to look out for when trying to catch a share thats been in a down trend. This can help in not catching a falling knife as such.
If you look at the chart carefully you can see that there has not been a 123 low breakout since the high in jan so you would not have entered any new positions as such since then

The 123 low will only be valid from tomorrow and NOT TODAY.. AS LONG AS THE LOW(126.3) IS NOT TAKEN OUT

The above should be used as learning material

Even if that does happen it could still be a wave 4 of C though. (In fact I think that's exactly where we're at here).

This needs to close above 161p to pretty much eliminate the possibility of a wave 4 (even then it could be a diagonal triangle).

I have the the previous channel base at 147.38p today, the old main uptrend at 155p and the previous support at 161p as resistances:



dl.dropboxusercontent.com/u/20815047/GKPdaily13_05_13.gif

Nice set-up of candlesticks....still early days..

dl.dropboxusercontent.com/u/40497882/GKP_daily%2015thMay13.JPG

close above 137 will give a 123 low breakout