wpl question for geffa and others, page-14

re: wpl where to? G'day all.

I'll just add my WPL resistance levels to the picture.

Using the long term pattern with $20-45 top and the $10.00 low made in early 2003 (a full 61.8%retracement) you have the following supports:

23.6% $17-98
38.2% $16-45
61.8% $14-00

On this long term pattern, WPL looks pretty right for a retracement down to around $18 in near future. Below that $16.45.. Gse's $14.00 is there at 61.8%, but it would take a long time to retrace that far, with many relief rallies in the interim...

I have shorter term patterns which correlate well (+/- 1.5%) They worked on the way up, so they work just as well on they way down. They show support/resistance at the following levels:

$18.95-$19.15
*This level is already broken and is now acting as resistance - note WPL threw in a red candle and a retreated from a top of $19-11 on Friday.

$17.70-$17.85
The next support down. If this fails then:

$16.24-$16.40
is next.

If WPL holds above $17.70 you could still say the uptrend is intact. Even if it holds $16.45 (38.2% on the long term chart) it is still OK.

Below the $16.45, and you would see $14.00 eventually.



Cheers,

Christian