GKP

u maybe ok... 30min inside bar, needs to confirm.... next 1hour will be telling..

rgds WS

Jackozy wrote: Well, I've closed my little short at 141 in case of a bounce off the 139-141 area as discussed. I've also added a small long back in. Not quite sure how it's looking as I'm out and about. Will have a look later on but that was a pretty strong rejection of the 160 level so wave 5 down would be my favorite option still. Depends what happens at this crucial area now imho.

response to J's post

dl.dropboxusercontent.com/u/40497882/GKP_30min_16may.JPG

Just my 2cents.




Looking at a 12-month view (on the daily), there's a nice (down) "trend-line", confirmed by at least a dozen or so points.

I honestly don't know what to make of it, but would point out the following:

1. 226 or thereabouts looks like a key resistance area (mid-term), and this was visible on at least 2 previous occasions until it was finally confirmed by the HEAVY sell-off in Oct-2012.

2. I drew a line around the 150 mark simply to highlight how many red-candles were "taken out" but the upward surge. Clearly not that many in the grand scheme.

My conclusion? further downside to come until 160 is convincingly taken out.

Yes, I'm aware that my fellow CV patrons have pointed this number out already! Nice to find a consensus no?

I'm holder, and this is a highly sensitive and speculative share, but there's no medium term up-trend as far as I can see (happy to be corrected!).

Good luck all.

following on from previous post on inside bar - here's 15min view

see anything developing ?


dl.dropboxusercontent.com/u/40497882/gkp_17May.JPG

Cup and Handle? Would this indicate another attemt at the 155 or 161 area?

a few things:

bull view: 3 in 1 formation - cup n handle, inv H&S, acs tri needs to break n hold 147/148 area

bear view: 1st H&S neckline rejection, bear flag...

so up abv ~147 > 55 > 161 and down on break of 144 > 141 > 137