Anyone scalping the FTSE Futures??

I've lost faith in this guy over the last 4 or 5 weeks....

Mr TopStep ‏@MrTopStep 6m
$ES_F They have showed you their hand.The early sell off through the 1840 -42 and the big rip says there is more upside to come...

hmm more upside to come! agreed but today?

New week low comming tomorrow the 16050 set in concrete although for today I have orders down at 120 and 070
 
Dear Jeffrey,
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The FTSE is still trading near the 200-day moving average. The UK index dropped
below the moving average two weeks ago, yet we are still waiting for the rally to
unfold. In the past moves below the 200-day moving average were buying opportunities,
on each occasion the index rallied strongly, the FTSE never remained below the average
for too long. Today the index is not behaving in the same manner, if the index can't
rally after two weeks, we must be prepared for another leg down. Why? Because sentiment
is bearish and the Elliott wave pattern could be a five-wave decline.
Elliott wave and sentiment analysis go together, when sentiment is bearish the stock
market declines in five waves. The e-Yield Sentiment Indicator (ESI) measures market
sentiment. One reason why the FTSE is unable to rally two weeks after dropping below
the 200-day moving average is because the ESI turned bearish on 12th March and remains
bearish as I write. This could be the first indication that the top on 25 February
will not be breached anytime soon. This top is labeled wave 2 on the chart. It is
labeled wave 2 because prices failed to make a new high above 6867. If the trend
has turned down the move down from the top of wave 2 will be in five waves [(i),(ii),(iii),(iv),(v)]
on the intraday chart below.
Once we have five waves down we can look forward to a rally but this rally will
be counter trend and it will end below the top of wave 2. In the short term and
based on the five-wave decline the FTSE could decline to 6400. This scenario is
possible because the recent bounce has retraced between 38% and 50% of wave (iii)
which is a normal retracement level for a fourth wave [wave (iv)]. This fourth wave
can not overlap the bottom of the first wave [6671], if the FTSE rallies above 6671
this wave count will be cancelled and in this case the odds will favour a continuation
of the rally. The rally to yesterday's high marked the end of a double zigzag [a,b,c,x,a,b,c]
for wave (iv) and the current decline is wave (v).
To receive regular FTSE 100 analysis and trading alerts click:
http://www.e-yield.com/Trial FTSE intraday [http://r20.rs6.net/tn.jsp?f=001WPNM...lAe2DchCBEDE7rTQjETRpVf-2Dwfrd2aph_bKCLm9w==]
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Kind regards,
Thierry Laduguie
e-Yield
www.e-yield.com [http://r20.rs6.net/tn.jsp?f=001WPNM...lAe2DchCBEDE7rTQjETRpVf-2Dwfrd2aph_bKCLm9w==]
01225 852002
Upcoming event: I will be speaking at the UK Investor Show in London on 5th April
2014.
 
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