FTSE 100 - April

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bonsai

Veteren member
4,106 11
splasher
I have fib at 4462 (about the same as yours)
so it could be a turning point especially as I am overbought on all cylinders.

but we still have a single staircase up to ~4500 which as you say looks inviting.
and so far this rally has looked sound.

I have not yet seen a reversal signal.
The most obvious would be a failure to hold above the fib ?
 

barjon

Legendary member
10,705 1,809
support and resistance - the continuing saga of long candlesticks.

be off piste for a bit - may everything you touch turn to gold.

good trading all.
 

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bonsai

Veteren member
4,106 11
very interesting barjon

no doubt about it, the mid point of the long candles has produced some interesting chart reactions.
 

barjon

Legendary member
10,705 1,809
mmm, not usual for it all to work quite as well as the last few
weeks tho'. In theory the extreme peaks/bases provide the
stronger resistance/support (interesting how 2,5 & 11 burst
through rather than crept through?) with the mid-points working
for the stronger directional moves.

None the less you wouldn't have gone far wrong over the last few
weeks taking an opening position based on these resistance and
support levels where they have stopped a reasonable move from
the previous day.** If it continues, the favourite on Monday would
be a down move (maybe testing mid-point of 11) but with a
strong upward burst on the cards (maybe even through 495).

That almost guarantees a narrow range day, lol. You'll find
out Monday - I'll be giving it a rest.

edit: ** sorry, it was late so forgot my chart is without opening
gaps, so appearances may be a bit deceptive from a
trading opportunity standpoint. I have used mainly to
inform stops and exits so the comment was NOT based
on experience.
 
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mully

Established member
967 3
FTSE 100 EW pattern

Just trying to get some discussion going on the thread.

Any thoughts on the possibility that FTSE 100 may be showing a 5 wave pattern from the low on the 24/03/2004, with index currently in the latter stages of wave 5.

Could suggests it is all part of a bigger wave 5?
 

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bonsai

Veteren member
4,106 11
I have similar thoughts, mully.
it may have just made 5th of 5th a few minutes ago.

waiting for some sort of confirmation because it might always extend.

a/d looks dreadful
 

Finirama

Established member
552 3
Mully,

Got the same as well...candlestick and rsi divergence to confirm perhaps??
 

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bonsai

Veteren member
4,106 11
but this could also be end of 3 of 5th ?

suspect we may have hit hooya's channel .

either way jean, would expect a correction
(which seems to have started)
 
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JeanM

Active member
116 3
Thanks Bonsai.

Jean
 

Hooya

Experienced member
1,802 2
Then candle channel fell a few points short but line chart was spot on. Looks like we might have a failed retest of the fib as well now.
 

bonsai

Veteren member
4,106 11
This all seems a bit obvious don't you think ?

but as the $ may be about to top out, watch out for a pull back rally on ftse.
 

mully

Established member
967 3
Looks like 4455 is a important level short term. Held three times so far. Rising 1 day SMA still says you should be on the bull tack for the time being.
 

Hooya

Experienced member
1,802 2
my R1 is at 54 but cant see any reason why it wont test 48 (the pivot).....at least
 

Hooya

Experienced member
1,802 2
I wonder if they are going to try and defend the pivot as its at the top of the initial move up on Friday so they might try to treat it like a gap?? If not I have a nice gap at 40 to fill
 
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