April 2015 was the crucial juncture for FTSE as well because it was putting multi-month top@7122...since then FTSE made a low@5768...This fall could be best placed as leading diagonal & leading diagonals are deeply retraced ...which we are currently witnessing...its almost retraced 80% of the fall from 7122 to 5768 in the form of complex correction W-X-Y?--Yellow Wave.. at current closing@6725.
Yellow Wave -Y? is almost close to the neck & its internals suggest that C=A could have been the target but the way FTSE is moving is giving doubts (next target could be C=1.382% of A--which will even retrace the fall from 7122 to 5768 deeply)...& why not EURUSD also looks to be in trouble in coming days...in all, sentiment is not good for bulls--it can attract by creating more euphoria & throw over process -to turn last bit of retail bears into bulls...& tempting trades on longs...
So, one should really be careful...may be 10-15 days from now or middle of August 2016...we expect some big movements ...here as well --I am expecting a thrust downside & it will be strongest of all moves downside...
Looks like all global indexes are close to some topping process...I have just taken FTSE100 as a warning indicator & why it could drag India Nifty down in coming days.... Regards, Abhishek H.Singh, CMT
Trade active
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23:50 Hrs--IST--3rd Aug 2016----Has FTSE Taken the flight to Srilanka From India...Regards, Abhishek
Comments
uttamtrader15
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abhishekji any chances of FTSE topping today ?
WaveTalks
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This structure is looking bad for longs -I mean to say it is extending upside to take stops of all shorts but likely it is matured stage -once it starts falling I will look for crucial supports as mention in this chart
uttamtrader15
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Sir wat are the chance of this scenario to play out?
WaveTalks
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Likely we are on sitting on top & chances of falling are very strong- just got extended. 7122 is critical level- this is actual leading diagonal.
danrindia
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Hi Abhishek,
Any advise on FTSE here, I am sitting with shorts and its giving tuff times. Do you think I should hold my shorts or add more on this level ?
WaveTalks
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Let me just come back to you. Likely there is pressure still give me some time- I shall revert back. Regards
danrindia
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Ok. Will be waiting for your response
WaveTalks
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7122 was critical level - my god Today's high 7119 - Likely I will have to do count again -I don't think it should retrace so deep almost 99% -usually leading are retraced deep but not this deep- Le me see tomorrow's price action.
danrindia
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Hey,
Thanks Abhishek. Actually I am having shorts in this but I am really not sure which way to go. I am still holding my shorts hoping that it pullback around 6900 ?