GKP

Diver,

Taking your wave 5 to 200/203 is that the max that we can expect from it and what comes afterwards please. Do we get an abc or a 5 wave retrace,I suppose what I'm really asking is what primary wave are we in at the mo.

Many thanks

Cheers

SRB

SRB,

Your question is a bit like asking 'how long is a piece of string?' but I'll do my best
The wave 5 forecast at 204.74 is definitely not a maximum: it could well extend considerably from there. Wave 5's should make a minimum of 1.236 of wave 4; or equal wave 1; or make 61.8% of waves 1 thru 3; but 1.618 of wave 4 is a good average to anticipate , but it will be a watching brief.
On completion of wave 5 we will get an ABC correction for which we should target 50% to 61.8% retrace of the previous wave. If the retrace does not make at least 50% the previous wave was an 'A' and not a primary.
I am assuming this to be a motive wave purely because the structure fits the bill: wave 2 corrected wave 1 by more than 50%; wave 3 was a 1.618 extension of wave 1; wave 4, if indeed it has finished, retraced between 23.60 and 38.20% of wave 3. All this is pretty standard structure so far. All we need now is for wave 5 to behave otherwise we have to think again and re-label.
So, the answer to your question is, 'nobody knows' but, the above are the clues to watch out for.
Hope this helps

Superb Diver thanks very much for taking the time to explain that I will watch now with great interest, by the way where did you obtain your EWT knowledge.

Thanks again


SRB

SRB,

Lots of reading and then studying under Eric Morriera, who's responsible for the Elliott Wave Forecast. I'm by no means an 'expert'so please don't take anything as 'set in stone': any advice is meant solely for guidance as nobody can see the future, which is the very reason all trades should be accompanied by stop-losses.

Have a great weekend.

Im long on GKP from the 203 area.
This level has been support and resistance for gkp for a long time.


dl.dropboxusercontent.com/u/4899609/gkp12thsept.png

Remo what's your stop loss on this trade please is it below the gap fill @ 193.00

SRB