Although the British FTSE100 looks terrible, the bulls are doing a good job to pump up the prices for another -+10%. Fibonacci retracement gives us a minimum C wave of 6520 points and a maximum C wave of almost 7000 points.
Because the index is still trapped in a smaller bear channel this tells us we need to stay slightly cautious though. Naturally, breaking the support line brings us to scenario 2 which predicts a lot more downside and possibly the continuation towards a lower low than the March bottom.
The RSI shows divergence and is therefor in favour with the bulls.
Because the index is still trapped in a smaller bear channel this tells us we need to stay slightly cautious though. Naturally, breaking the support line brings us to scenario 2 which predicts a lot more downside and possibly the continuation towards a lower low than the March bottom.
The RSI shows divergence and is therefor in favour with the bulls.
Comment:
Bad day for the market. Index is still in the bear channel