FTSE 100 - April

[bonsai]

I have similar thoughts, mully.
it may have just made 5th of 5th a few minutes ago.

waiting for some sort of confirmation because it might always extend.

a/d looks dreadful

 

[Finirama]

Mully,

Got the same as well...candlestick and rsi divergence to confirm perhaps??

 

[JeanM]

If it is the 5th of the 5th what would you expect then?


Jean

 

[bonsai]

but this could also be end of 3 of 5th ?

suspect we may have hit hooya's channel .

either way jean, would expect a correction
(which seems to have started)

 

[JeanM]

Thanks Bonsai.

Jean

 

[Hooya]

Then candle channel fell a few points short but line chart was spot on. Looks like we might have a failed retest of the fib as well now.

 

[bonsai]

This all seems a bit obvious don't you think ?

but as the $ may be about to top out, watch out for a pull back rally on ftse.

 

[mully]

Looks like 4455 is a important level short term. Held three times so far. Rising 1 day SMA still says you should be on the bull tack for the time being.

 

[Hooya]

my R1 is at 54 but cant see any reason why it wont test 48 (the pivot).....at least

 

[Hooya]

I wonder if they are going to try and defend the pivot as its at the top of the initial move up on Friday so they might try to treat it like a gap?? If not I have a nice gap at 40 to fill

 

[bonsai]

this is the pull back rally I had in mind.

 

[Hooya]

<b>if</b> this rally is a correction to the downside in the bigger picture the next wave down might be quite nasty seeing the 200s again.

 

[jonnyy40]

Down for next several days imo

 

[mully]

FTSE 100 has at last got back to its rising 1 day SMA . Now this is a more significant test of the trend.

 

[mully]

FTSE 100

To-days action feels very much like profit taking, rather than a change of direction for the FTSE. Therefore, think this is a wave 4 of 5 and that there is a final wavelet 5 to complete the move from 24/03/2004

 

[adrianallen99]

The FTSE is touching on breakeven at the moment, Dow could play an impact on rest of the day.

 

[Hooya]

agree with you jonny....this current leg up wont get too far imo. maybe a retest of the highs

 

[mully]

BP impact on FTSE100

Oh! for the benefit of BP. It is a new high for the stock since the market low in March 2003.

 

[bonsai]

it took longer than I had thought but dollar does seem to have topped for now ?

so maybe that single staircase beckons and 4500

 

[Hooya]

60 min channel held for the time being but not sure Ive seen the 1hr bounce of the 1day at that angle before