FTSE 100 Intraday - November

[bonsai]

mully
a bit hurried but have a look at this.
there are alternatives but as far as I can see they all give the same final position today.

 

[Hooya]

that looks good to me Bonsai.....

talking of gaps...spx just left abig on on the 1 min chart (lycos) and 2 mins later they had put a candle in it's place LOL

 

[bonsai]

if I understand you correctly

nasty
data can be a real problem sometimes
and charting packages dangerous
in addition to all the other trials.

 

[bonsai]

I dont trade it but looks to me like the dow is about to dive ?
just making some sort of 2 leg ?

 

[Hooya]

lol it been put back as a gap???? dangerous indeed...it go me out of my short for +13 so shouldnt complain

<img src='http://lc-d.sc8.finance.lycos.com:443/1069349770808?User=demo&Pswd=demo&DataType=GIF&Symbol=INDEX:SPX.X&Interval=1&Ht=400&Wd=600&Display=2&Study=&Param1=&Param2=&Param3=&FontSize=10&BgColor=0.255.0&TBgColor=0.255.0'>

 

[Hooya]

it keeps changing LOL

 

[bonsai]

looks like I was right on the dow.
it seems to have made some sort of low at the close
but the wave count seems messy. So although its down
since ftse close, cant get any convincing idea of where its going next.

ftse now 94/98 seems to cover it but puts ftse in no mans land.

 

[Hooya]

not looking impressive so far is it

 

[bonsai]

its begining to look as if it wants to rerereretest
4330 ?
lol
but could mess about first

if it is a 4th wave of some degree , I would expect to see a clear abc formation.

no hurry perhaps.

 

[Hooya]

10 min trendline is around there...

 

[hungrybear]

Bonsai,

I've got a similar wave count to you for the Ftse, except that the drop to a new low early yesterday afternoon looked a bit corrective, so I'm labelling it as wave b of an expanded flat correction. Could be either though and both counts say new lows.

On my swing trading I was originally thinking next Tuesday/Wed would be a high, but it's looking likely to be a low, which would strongly suggest a LT trend change and that the top is in for this year. TWT.

 

[bonsai]

now looks like 'a' leg is finished ?

but the b may not yield many points.

on the other hand the correction might be all over,who knows ?

but just in case ......got to keep them honest havent we ?

 

[bonsai]

thanks, hb

note your point about high for the year.

so a break of 4080 and time for Jan futures ?
if we break 4280, all hell could let loose ?

 

[Hooya]

cant really see any reason why the correction would stop there? no MAs, no gap fills, short of resistance and trendlines, not near a pivot point.....slightly overbought on 5 min chart but plenty or room on 10 min chart...but maybe there doesnt have to be a reason

 

[bonsai]

I agree. 4330 or at least 4320+ is preferred.

but always expect the unexpected ?

 

[Hooya]

I have no expectations ....every moment is unique....it can do anything and it can do nothing lol

 

[Hooya]

time to put on a n early trendline under the low

 

[hungrybear]

For a correction with the low at yesterday mornings low (for an expanded flat), the 23% retrace is 4313

 

[mully]

Just to add to the discussion, now that I have safely dispatched my children off to school/swimming, if FTSE is in wave 4 then upside is capped by low of wave 1 which was recorded on the 19/11 at 4316.

PS: That would appear to also meet the trendline off the highs from the Market top.

 

[Hooya]

4313 was a 50% retrace of yesterdays high/low move on a 5 min line chart..mmmmmmmmmmm?