chris_bailey

FTSE Potential Fork as Trend Line converts nicely to Median Line

Short
FX:UK100   FTSE 100 Index
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3
The downsloping trendline was clean so I started converting it into a fork
So I started drawing a fork with A point from way back at the high.
The major low is the B point.
If we assume that the current high is the C point (it may not be), then we have a nice looking median line for the fork.

The SMARSI (this is my combination of SMA and RSI combined), I pronounce it "Smar-zee" is offering sell signals, so there is some confluence for an idea here. But it's a contrarian idea to the downside and I hate contrarian ideas normally. I prefer following trends. But anyway, I'm sharing my thinking, even if it proves to be wrong. I'm ok to accept when I'm wrong.

Overall for this fork idea to play out, it would require some pretty negative downside momentum, so the question comes down to whether there is anything coming up that has the potential to drastically change the risk trends.
Crypto analyst and trader

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