FTSE 100 February

[Hooya]

anyone on the £..£ goes up FTSE comes down

 

[mully]

ie GSK, AZN now showing losses after being up on the day, while BP, Shell and DGE trimmed positives.

 

[bonsai]

hooya

not so far today
just dax (yesterdays reluctant bride ) and ftse

 

[bonsai]

it may be trying to fool me but £ made a clear 5 legs up yesterday before starting to correct.So I am reading this as a return to the uptrend but first we have to go through a 2 wave of some sort ?

so the current move may just be a 'b'.
maybe not.

 

[Hooya]

its on my second trendline from yesterdays chart now

 

[boy]

March ftse support @ 95 ready to go ?

 

[bonsai]

March ?

 

[Hooya]

not sure...we shall see but get this feeling we might get another swing up today..from where I don know. time for pancakes

 

[boy]

March-Just before april

 

[bonsai]

lol

and then Lent.

what are you giving up for Lent ?

 

[boy]

Healthy eating.!

 

[Hooya]

the Dow....again

 

[bonsai]

£ sure looks buoyant.

I think it was fooling me.

looks like correction is over.

 

[mully]

After my 5 wave observation FTSE100 managed a 50% retracement to touch the gap, but failed at the 1 day declining SMA. Not to encouraging. Suggests that, at very least, we are witnessing wave c (if you want to be more bearish make that wave 3.)

Wave 1 or A = 38
Wave 2 or B=19
wave 3 or C=
if C=a: 4500
if C=1.62 of A: 4476.

Just some idle thoughts

 

[mully]

On my very basic calculations, and using CMC cable peaked at 1.9 and bottomed at 1.846.

A 50% rally =now or 1.873.

 

[Hooya]

thats fits with me Mully. Watching for a stall here at 4511ish. but my 60 min charts a firmly pointing down now


edit but £ got a gap at 1.893ish

 

[bonsai]

thanks mully
I have fib at 4480 so that's pretty close to yours ?

btw, in deference to you gentlemen, I have rejigged my fib formulas so they agree with yours.
so my old 62 is now 38.

 

[mully]

Bigger picture on FTSE100

If recent move on FTSE100 over here are the indicated Fib support levels (see the purple dotted lines for the 38/50/62 fibs)

 

[Hooya]

 

[mully]

The alternative count

If move from bottom is 1,2,3 rather than A,B,C here are the other Fibs. Still suggest downside for now.

PS. What a relief to be back on broadband.