GKP

Wild13, I think you're right.....'sucking us in?' IMHO this is just a bounce before yet another fall. Time will tell!

187.00. Almost spot-on the 61.8fib retrace. Will it sink again on Monday??

GKP looks to have completed an impulsive 5 wave move downwards from it's high of 260ish. Perhaps we will see an ABC against the downtrend before a further move down.

Hmmm, lots of negativity on here whch seems a little odd given the technicals. Positive divergence on MACD and a positive tick. In fact all indicators look pretty good to me. Maybe some missed the entry point.

Last time the sp hit the long term support line was 29/6 and before that 4/8/11 and both provided sizeable multi day bounces.

Well I guess the fiscal cliff will decide how the year ends and begins but if tonights session is positive IMO we are looking to test 203 and 206 at minimum in coming days. If not 162 is a bottom in any case for me not to be revisited.

F4T

screencast.com/t/BQlbCsksszNA




Well, as you can see from the chart prices followed my prediction to the letter until yesterday. This was no doubt because of the news Genel shipped a little oil via Turkey. We will see if this is a permanent change of course or just a blip. The pivot point here will be 203. As long as we stay below this level I remain bearish. A concerted move above will mean a fresh look at the labelling....

dl.dropbox.com/u/40497882/GKP_diamondv2.JPG

Im targeting about 100+ pips in the interim, if this is true breakout, 203 needs to be taken out convincingly and be able to hold for more than a day.