Lloyds

Really appreciate your thoughts and for taking the time to reply in such depth.

Your a star and would love to be able to buy you a few beers one day.

Many thanks

SRB

This now looks to me like it's in wave 5 of 5 up from the 21p low so I'm going to short it at the 57.7p gap (58.02 if you use the close rather than the low for the gap):



dl.dropboxusercontent.com/u/20815047/LLOYdaily09_05_13.gif

The RSI is also at the long term bear div downtrend which gives me added confidence. Note that this divergence started a long time before the top of what looks like the wave 3 top and the current RSI is higher than it was for that top. It'll be interesting to see which way it pans out from here...

Hi Jackozy,

You got a target in mind based on EWT?

Thanks
Amo

Hi Amo,

Let's see if the trade even works out first!

There are loads of supports - uptrend support, the wave 4 low support at 46.08p, a few gap supports...

I'd normally look to the 38.2% and 61.8% Fibs as support areas from an EWT point of view and then I'd see if there are any price supports near those. The 46p support is, in fact close to the 38.2% Fib assuming it tops near here.

We can't look at downside targets until we've found the top and let's remember that LLOY is actually in an uptrend so this is an attempt to catch a reversal which is very dangerous.

of course, getting a little ahead of myself as usual

The government will start selling their stake at 61p so will interesting to see what impact that has if the price gets there in the near future.

J, will be interesting to see how this develops, out of interest where are you placing your stop loss for that trade.

SRB