FTSE double top

FTSE Beater

Experienced member
1,518 4
Hi Wideboy

A lovely chart :)

It's also good to note how fast it fell after the double top as all the sellers and shorters come into the market.
 

FTSE Beater

Experienced member
1,518 4
:?: :?: :?:

Ok Now you've confused me (not difficult I know).

I just see a lovely double top at 3960, with a neckline (not sure if thats the word) at 3800 - which also shows a smaller double bottom.

Please open my eyes if I've missed something really really obvious. :rolleyes:
 

TBS

Well-known member
385 0
From the original post:

Anyone spotted the FTSE DT - potential target of 3650ish.




As it turns out, the neckline didn't complete, so the DT didn't happen
 

FTSE Beater

Experienced member
1,518 4
Hi TBS

ah ok - I would short at 3960 on the basis of a double top, hence I call it a double top, when it really isn't.

Thanks for the clarification :)
 

TBS

Well-known member
385 0
Nah, you just need to make yourself clear :) - afterall there was a swing reversal through 3890 which some may call a double top.

The big DT didn't happen - could become a 3T next week.......
 

ChartMan

Legendary member
5,580 46
Nah, It's the start of a rise after a pullback to delver 4150......
 

ChartMan

Legendary member
5,580 46
Double Inv. H&S, first target met, second at 4078.... RS Switch, Triangle on CCI and RSI. Either way you look at it, a big move is coming, one way or the other.
 

Attachments

Helenqu

Established member
841 3
I think it's a rising wedge on price and we're going down back to sub 3400. I'll be watching for the trend break on CCI.
 

bansir

Well-known member
494 42
But folks, doesn't your interpretation depend on your time frame?
Wideboy was only looking at 2-3 weeks.
 

FTSE Beater

Experienced member
1,518 4
Hi Bansir

Yes it does, after all, what could be bullish in a 5 minute chart, might be extremely bearish on a yearly chart.

I called it bearish because Wideboy posted a 30 min chart, which to me spells intra-day trading.

Chartman posted an EOD chart, which appears to be bullish - in which case I would say it was short-term bearish, medium-term bullish - and get this, because of the poor state of the market, on a long term chart it's bearish. :D

You now know why one analyst could say bearish, one says bullish and they can both be right.

At the end of the day, it comes down to knowing the time-frame your trading in
 

RogerM

Established member
752 6
Lots of contradictory evidence around at the moment.

On the downside :-

There was a big Outside Down day on most main indices on 16.04.2003.

The VIX seems to be pointing straight down. During the whole bear market, a VIX as low as this has always marked a top.

There is a rising wedge on the ftse with a target of 3270 - close to the March lows. A 50% retracement takes ftse back down to 3620.

Elliott Wave peeps have satisfied their wave count for completion of the rally, although as ever, if the market goes up from here they will find a satisfactory alternative count with a ftse 100 top not exceeding 4225.

FTSE is banging its head on the 200 sma. which it has not exceeded in any meaningful way since Aug 2000.

on the upside :-

The VIX often spends time well below current levels in a bull market, and even this bear will not last for ever.

The rising wedge in the ftse 100 is not reflected in the individual charts of the top 12 stocks, some of which look moderately bullish.
See the excellent FTSE12 thread by TBS.

The AIQ market timing charts do not show any strong divergence between price and market breadth data. There is mild divergence with the most sensitive breadth indicator - AD Indicator, and also VP Trend, but neither are sufficiently marked for me to have sufficient faith to rely on them for a trade. Certainly nothing like the very strong divergence that happened at the March low.

There are too many trading sites forecasting a sell-off. A contrary indicator?

The rising wedge in the FTSe is not replicated in the Dow or S&P500, where it resembles a rising triangle - potentially bullish.

Oil price is falling.

So - a confused picture. A significant break with volume thru 4000 should have the bears running for cover!
 
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