The FTSE 100 Bull Trend In Correction Phase. Mar 10, 2019

TVC:UKX   UK 100 Index
The FTSE 100 pulled away from the upper Bollinger Band on Feb 07, 2019 as momentum began to fade. It then struggled to peak at 7261.6 on Feb 15, 2019. From here, it has been heading South, down it's current level of 7104.3

It has crossed the middle Bollinger Band into the lower band as the Bollinger bands are currently in contraction or squeeze phase. This should be followed by a sudden move later on and that could decide the fate of this young bull phase.

The price action is currently in an ascending parallel channel as you can see from above.

There are two possible scenarios:

1. Reverse from either Support 1, Support 2, or Support 3 (which unfortunately, is the previous recent low).. and go on to make a new high, or

2. Break all three support levels in which case the bull trend will be over in smoke, and, the bears will be back with a vengeance.

I am currently in a "temporary" short position with only 50% Capital Exposure. I am waiting for the support to hold so that I can close my short position and go long with 100% Capital Exposure.

If the Support 3 cracks, I will remain short, but increase to 100% Capital Exposure.

Let us see how this scenario plays out.

Please, use this information at your own risk.

Thank You...