I am sitting here doing some work on the FTSE cash. I just noticed on the hourly that the last major retracement from the 28th july lasted 63 hours. The current retracement has also last 63 hours. you could put a case that a move above 4229 could initiate a new move higher towards the 4300. This unfortunately goes against the overall call of a top yesterday in the Dow.
happy with market stops when in with a good (sic) entry but
for more chancy ones there's something to be said for running
with a close stop or covering immediately it doesn't go in the
direction you're looking for. I know, I know - shouldn't make
chancy entries!!! On the other hand all entries are chancy -
some are just more chancy than others!
There does seem to be some upside potential based on wave count.
all the action since 19th Aug looks corrective, so the most likely scenario is an abc-x-abc. We're currently starting the c-wave of the X, so the upside is probably to about 4260 cash. This would correlate with the usual bullish action at wallst going into their holiday, then a decent drop into the second week of Sept. That would complete the abc-x-abc.
If this is right, there will then be a rally to new highs for the year going into Sept option expiry at least.
Getting back to normal after harddrive transplant.The pcworld engineer didn't install the motherboard -- 'there's no need,it's these SEAGATE harddrives,we're always replacing them!' I should have known -- first they were out of stock on 5/7 days' order,then I got a phone call,'we can do it on Thursday' -- They want to ofload the remainder! If it happens again I'll buy a Maxtor which he suggested is the best.Worth it for hassle saving.Meanwhile lots of backing up.Should be ready for Monday.He couldn't offer any help with the Pig squeals though.