The new over the last week has been awful yet FTSE has stormed up back to the previous high?
This updated chart suggests that FTSE is completing either wave (2) or B, time will tell which!
At present an ending diagonal looks to be occurring and given today is the last trading day before easter it will be interesting to see if FTSE can break the previous high and reach the 38% fib retrace at 5951 OR give up and fall?
Either way I expect a reversal soon and new lows in the weeks ahead.
totally agree ftse far to high given the situation we are in.
Geofftv1
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@pussycat1, Thanks, can you let me know which chart you see on my post, I am seeing DJI, SPY and NOt FTSE?
Chiefstorm
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@Geofftv1, Hi, Chart showing is SPDR S&P 500 etf 60 minutes.
I will be watching the 38% retracement area on the FTSE 100 closely this week after an explosive move up since March 23rd, interestingly the 38% takes us squarely into the chop seen in 2016.