Lloyds

Hi Amo,

Anything's possible!

At some point there will have been a full series of 5 waves up and, according to EWT, they will form a wave 1 up of larger degree. Clearly then we'd expect a wave 2 down which ought to be at least 50% (most common case).

We can't work out the retrace levels until we know where the top is. It's possible it will return to those levels I guess. Nothing goes up in a straight line!

But how do we know that the 5 waves we are discussing are part of the larger degree Wave 1 up? Is it because it started at an all time low share price?

screencast.com/t/cQ83xKsbr5

Hi Amo,

Sorry to be so long getting back to you. Believe it or not I've tried three times to write this and each time been interrupted in some way so I'll keep this short and get it posted....




I can only generalise as far as EWT is concerned as my data doesn't go far enough back in time but, if you take a look at the long-term view per the chart you can clearly see the present move is but a tiny part of what appears to be a flat originating back in 2009. The move up from the low at 21.637 could be anything in wave terms but, for it to be a motive wave, bear in mind there has to be a deviation between waves 3 and 5 otherwise it is not a motive wave. Whatever it turns out to be it is nested and complicated and, in all honesty, not worth analysis. Much more significant is the fact the SP is currently slap-bang in the middle of the target area of the previous swing depicted by the 50 - 61.8 fibs. A move above 57.2 and this will be looking at the next significant resistance area between 79 and 83.25; a move below and this once more looks to the depths.

Many thanks Diver. Definitely plenty to think about.

Sorry Amo, I should have made it clear the deviation I spoke of should be on the RSI. More haste less speed eh:)

Could someone please confirm whether Lloyds has a gap up on the 01/08/13. I have iii showing a low on the 1st of 68.75 so no gap and ADVFN has a low of only 71.26 so big gap.

Many thanks