FTSE 1DAY going down???

[NHN123]

Hello all,

Thought this was interesting, looking through the charts...

FTSE looks like it is at wave 1 or A up which is minor ABC also.

See chart below Sep Future. Comments very welcome
Also, weekly looks like wave 2 or B is completing, and at 61.8% retracement of down swing, which on daily looks impulsive.

[NHN123]

Hello all,

Thought this was interesting, looking through the charts...

FTSE looks like it is at wave 1 or A up which is minor ABC also.

See chart below Sep Future. Comments very welcome
Also, weekly looks like wave 2 or B is completing, and at 61.8% retracement of down swing, which on daily looks impulsive.

I went short on this, and it has reached 100% risk level, so stop is at b/e now; wunderbar!

[Steve Griffiths]

Well done Nick.........

A brillinat trade - you certinally nailed the high (to the day) perfectly, and shows what is possible with MTP :)

Steve

[NHN123]

Today certainly threw a spanner in the works. I was watching the 0.618 level of the minor ABC and int 1 or A to see what happened there...

It certainly reacted to it. Which would lead me to believe that this is now wave 2 or B complete, and we may get a rally from here to a wave C high for a more major decline thereafter (because the 1 or A was an ABC, the C is probably going to be corrective, wave C)

Backing this up is the US markets; The S&P and the Dow do not look like corrective bounces to me... That's the theory, but the market may have other ideas in reality

[newguy]

the S&P and Dow do not look like corrective bounces? what do they look like? the start of a new bull?

[NHN123]

the S&P and Dow do not look like corrective bounces? what do they look like? the start of a new bull?
you know what, it would be interesting to see what happens today. They both stopped right at the 61.8% retracement level of the down, so maybe it is corrective. Maybe I spoke too soon; I didn't check that out last night - I was half asleep.

That 61.8 number is magic!

[NHN123]

Back to the indecisive FTSE....

Looking at the hourly, these are possible wave counts. I can hear Steve crying "don't try to wave count"...

However, there was a very good reason for me doing this; when I done a few wave counts manually, three different possible resistance levels come in together:

Wave 2 or B of the big swing down, Max wave 5, and Typ wave C. I have to admit, though, that I guessed at the ABCDE, because I am not that familiar with how they are defined, but it looked like one to me.... Some constructive criticism would be appreciated here.

Either way, I am hoping that it comes down, cos it is dangerously close to my b/e stop.

Thanks
Nick

[mercy]

A very good trade by the end of the week my mate.
Excellent work.