FTSE100 looking @ 3590?


The 100 Index continues within the short term uptrend. The recovery from 3918, the Sept 5th low, struggles on but a break of 4246, the Sept 11th high, is now becoming necessary in order for the recovery to continue. Overbought short term studies suggest that level will not break in which case the Sept 5th low will soon be tested and a break of that level will complete a head and shoulders top targeting 3590. I expect 3918 to go this week. 3590 is my medium term target. A sustained move up thru 4129 places this view on hold with a break of 4246 blowing it out of the water.

But far more important than any of this is that I have discovered that I can "rate" myself!
Hi Marketwatch

I would agree with you about the next move being lower. If 3900 goes then it should reach 3600 pretty quick.


At the moment there's a lot of resistance to the upside (4250, 4300,4500) but little support, which I class as shakey at best. :(

The one thing I believe needs to be factored in though, is the threat of war. If there is a war, then I expect the markets to rally very strongly.

Just for the record, I put this on the TMF TA board in August, so I don't think our guestimates are far away from each other at all:

"bear wedges on the FTSE/Dow the targets are something like 3700 on FTSE and 7513 on Dow"
Think I'll get a job as an undertaker then.
That's reccession proof, and there will be a lot more stockbrokers leaping out of windows.