that gap was filled on a dip to 28 soon after open I believe(but might be wrong). My thoughs were that there is some support there plus i had it as a pivot point and my indicators are oversold intraday but whatever the case we are back in congestion area between 4400 and 4470 so expect a few nice swings.
Sorry for slow reply I was out and about
Sorry for slow reply I was out and about
no as a gap close would have ot be to 84...it was based on ma's, fib retracement..support/resistance. This morning is looing very corrective so far....it couldnt even get over the pivot.So watching closely. Think I would exit at 63 if I got it but as I said its looking a bit weak at the mo
Hi,
I've been posting a daily chart on Mondays reviewing the past week, but missed yesterday....so we have it here with yesterdays move.
Some thoughts for your comments / suggestions etc all EOD speak...
The market moved up off June 3 low and braking out of the sideways consolidation with a 3 day move up. Stopping just above a 61.8% Ret of the range from Apr23 high to May 17 low.
This has been followed by 4 days down with yesterday looking as tho it exhausted the move down (for the time being ?? )
So we have 3 days up and 4 down and didn't take out the low--June 3.
Where too from here? I don't know (!) but we do have fib resistance at 4462=38.2% Ret, previous swing highs at 4471-72, also the 50% Ret of this down range.
We may just camp around 4446 again which is 50% level of the last range (Mar 24 low to Apr 23 high) tho I somehow doubt it.
If the US gets moving to the down side they have already put in a series of lower lows and lower highs and are potentially vulnerable.
Personally I'm expecting a break to test the recent old highs before more sideways consolidation and ultimately a 30 -38% Retrace of the whole rally up from the Mar 03 Lows--but that is another discussion.
On the downside for the FTSE we have have support at 4395-4400
Cheers
kjh
I've been posting a daily chart on Mondays reviewing the past week, but missed yesterday....so we have it here with yesterdays move.
Some thoughts for your comments / suggestions etc all EOD speak...
The market moved up off June 3 low and braking out of the sideways consolidation with a 3 day move up. Stopping just above a 61.8% Ret of the range from Apr23 high to May 17 low.
This has been followed by 4 days down with yesterday looking as tho it exhausted the move down (for the time being ?? )
So we have 3 days up and 4 down and didn't take out the low--June 3.
Where too from here? I don't know (!) but we do have fib resistance at 4462=38.2% Ret, previous swing highs at 4471-72, also the 50% Ret of this down range.
We may just camp around 4446 again which is 50% level of the last range (Mar 24 low to Apr 23 high) tho I somehow doubt it.
If the US gets moving to the down side they have already put in a series of lower lows and lower highs and are potentially vulnerable.
Personally I'm expecting a break to test the recent old highs before more sideways consolidation and ultimately a 30 -38% Retrace of the whole rally up from the Mar 03 Lows--but that is another discussion.
On the downside for the FTSE we have have support at 4395-4400
Cheers
kjh
Attachments
corrective = slow, non impulsive...corrective to the down move...i.e not a new move that will send us to new highs.
pivot....well you know what a pivot is. The pivot is quite a strong intraday r/s level so if it cant break that (which it has now though) I would expect it to continue in the recent trend direction i.e down.
pivot....well you know what a pivot is. The pivot is quite a strong intraday r/s level so if it cant break that (which it has now though) I would expect it to continue in the recent trend direction i.e down.
