FTSE 100 January

[Hooya]

what a nightmare.....Bt broadband been down until now so only
just got on line.:-( lastnight the dow h and s and gap fill on spx were both spot on. Surprised to see the fall this morning on bloomberg and called cmc to go long at 68 but decided not to take it as it's would be stupid to trade with out charts. Shame now looking at the charts but it was the right thing to do. This is beginiing to have an abc look to it so could this be the wave 2?

 

[hungrybear]

Good tip about the 80 resitence Bonsai. It's not something I would have know; how did you predict it?

Gone long at 69LZ - stop at b/e. Stopped out!

 

[bonsai]

just filled todays gaps.
and what looks like an abc pull back
so now we will see what's what ?

 

[Hooya]

that would be a small c compared to a would it not???

eidit or are you talking about the move off yesterdays high looking like an abc?

 

[bonsai]

HB
my charts were showing a double gap below 80 and previous
support around 80 from 12 noon day before yesterday.
the combination suggested that after filling the double gap, it
would be hit by that support becoming resistance.

 

[bonsai]

hooya
sorry, just looking at the pull back today so far.

 

[Hooya]

that where I am but think the c has more to go although it seems
to have stalled abit. Whilst off line Ive been looking in my books
for sometihing on b waves with regards to size of and to be honest there isnt too much on them. Have you any ideas?

 

[bonsai]

B's are fakes
like yesterday (a/d was falling for most of the day despite moving higher)
difficult to count and often full of irregular counts (like yesterday)
can exceed start of A but not usual
often produce spike tops (showing structural weakness)

the last rally in 87 was a B wave.

er, that's off the top but hope it helps.

 

[Hooya]

thanks....I was just thinking the B take so many different forms,
sometimes they are short, some times the are deep froming a flat correction...and some times they are just plain old messy. difficult to trade or stay in a trade around B waves imo

 

[Hooya]

I guess shell isnt helping today


dont want to speak to early but my US charts look ready to turn today. But think the best case would be for it to make an early new high...if it opens lower and faffs about it could easily ease the indicators. So lets hope we get a pop and drop and It could
pull the FTSE up to a nice shorting level imo

 

[hungrybear]

Bonsai, thanks.

Hooya, you're right about b-waves, they can be very messy, unpredictable and generally difficult to count. Have you noticed how difficult it is to count the waves in the main indices since the lows in March 2003 or Oct 2002? That's a key reason I believe we're in a correction in a bear market and not a new bull market.

 

[Hooya]

Ive only ever known it as difficult.....only been doing this for a few months over a year....quite comforting to know it's been easier LOL

 

[bonsai]

trying to keep an open mind ......

support at 80 seems to be back in play.
if it holds , we may have a double bottom.

 

[Hooya]

just for info we stopped at a fib...

 

[bonsai]

hooya

not once, not twice not three times but four times we have failed around that area


mine is a major fib 5282/3277/61.8% at 4516

 

[bonsai]

lol
I gather you have found a bag of bon mots for your signature !

 

[Hooya]

Im expecting the 516 to hold for the near term, can't see enough room chart wsie UK or US that could get us to close over that at the moment.
Still cant rule out a rise to 500 this afternoon just yet but no doubt will need the US data to get it there.

Bon Mots galore...inspires me :--))

 

[Hooya]

i also have "IF" and "dont quit" on my notice board....

im a bit sad I think LOL

 

[Hooya]

well thats put a spanner in the works for my US pop and drop theory LOL

 

[Hooya]

off advfn

"LSE just announced an intra day auction in all stocks at 13:30."

and some one has just updated saying it's at 13.50????