GKP

Hello all,

Just want to understand your key numbers meaning. Firstly "161p still the key number", so if sp stay above 161/160p, it tells that GKP down trend reversed into uptrend. Right?

Key level 145p, if sp over and stay above 145p, what does it mean? OK "145.98 is a 161.80% expansion of the swing from 126.50 to 137.50..", what is the meaning of 137.5p, is it a kind of wave figure.

Much appreciated for your expertise and for enlightening me.

I think this sp jump is all related to the news appeared yesterday about 3:30pm about the Turkish PM Erdogan said at the airport that he agreed with Iraqi Kurdistan, Exxon Mobil on Oil Exploration in Northern Iraq.

I think I understand the "swing from 126.50 to 137.50" means that the channel from bottom 126.5 to the top 137.5p.

Thanks.

Hi on greenhill
137.5 is the 123 low breakout point that I mentioned earlier . this is the area that signals higher highs. You need higher highs for an up trend.
With regards to the other areas I'll let the others answer those points.

I bailed out at 146.00 today - expecting a pull back to retest the breakout area around 137 - However, it was quite a bullish finish to stay above the 145.
Any insight on how this might play out tomorrow from a TA perspective? Does the fact it retraced to 143.5 and bounced rule out this area being revisited tomorrow?

Hi On Greenhill,

161.00 is the low of the previous completed down move at, what I label W. The reason this is important is because it is both a significant resistance and would certainly confirm the new up-trend.

145.98 is the extension up, from what I believe, is a possible wave 1 of 1 of a new trend. A wave 3 needs to extend by a minimum of 161.80% of wave 1 for me to classify it as a wave 3.

The RSI has already broken above the trend line of the previous move down from X, indicating a change of trend, but I do need to see a five-way move before the trend change is confirmed.

The move down from B at 203.00 is a move of 7 swings, which is quite normal for a corrective wave. The level 126.50 was indicated by fib expansions of B,W,X and X,A,B.

I hope this is of some assistance.

Syrian Empire,

If this is a 3 of 1 then expect a retrace of 38.20% but..... this is GKP, so anything is possible