GKP

Just two other things Diver,

What can we expect after the completion of wave 5 on the chart is it an ABC or 5 wave correction and should we continue above 119.65 which was the higher option 2 Wave 1 thru Wave 3 x 61.8% could we still be in wave 3.

Thanks

I don't follow the fundamentals outside RNS's so wasn't aware yesterday that takeover mania had hit this share again lol. I was very surprised when this rise continued so far after the (second) breakout from 89p (particularly the rise to 111 after the 38.2% retrace from 108.50). Now all is clear.

That 38.2% fib retrace yesterday has been the only one in this mammoth rise so far. Normally one might expect a minimum 50% at some point on such fast ascents. I am not saying it will because I know how mad PI's get with TO talk (how quickly people forget!) but the first few days of next week will be interesting for sure.

F4T

SRB,

After the completion of a wave 3 expect an ABC 3 way correction.

Yes, if we continue above then we could still be in wave 3 or, wave 5 could also extend. Nothing set in stone here I'm afraid

F4T,

The 50% retrace you expect should come on completion of the 5 way impulse move in the shape of an ABC correction. Wave 4's do not usually exceed 38.2%.

Once again, I would emphasize this is an hourly chart we have been discussing, which would normally be used for intraday trading or judging entries for swing trades.

Apologies for being a little patchy with my explanation, alas it's not one of my strong points, and I'm usually short of time due to dashing here and there as a taxi driver for my young sons. What I should have said is the possible endings for waves are places were one should be prepared for something to happen; points were you might want to exit if you're being conservative for example.

We seem to be approaching another crossroads already. Fast rise, fast fall. Looks like 109 held firm on closing basis.

uk.advfn.com/p.php?pid=chartscreenshotsh...DZJJqXtB4G0+XLAoai0=

Bearish engulfing pattern will become a three outside down pattern today with a close below 104.75. Looks certain to me even this early in the day.

Low so far today of 97.25 is the retrace point from 108.50 on the initial rise. Below this there is the ma50 at 92 but IMO a slightly more solid support is in the 90 area with a declining trendline (red) and ma20. Look to RSI for a retest of the breakout for guidance.

More solid support can be found in the 80/81 area.

F4T

PS: 61.8% fib is at 93 so a close below this points us squarely to a 100% retrace to 78.25