You can see from our support line ( green line ) that this is a VERY strong level that price has bounced of many times, Price has also bounced off this level this week and we can see a run up to our resistance zone ( green box ) Of course surrounding Brexit and businesses not knowing how the deal or no deal will affect them and trading then you have to be...
FTSE 100 approached our first resistance at 7233 (horizontal pullback resistance, 50% Fibonacci retracement , 61.8% & 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 6961(38.2% Fibonacci retracement , Horizontal pullback support, 100% Fibonacci extension ) Stochastic (55,5,3) is also...
FTSE short-term Elliott wave view suggests that a rally from 12/27/2018 low (6536.53) is unfolding as a zigzag structure where initial rally to 7001.94 high ended wave A in 5 waves structure. Down from there, wave B unfolded as a Flat correction where wave ((a)) ended at 6841.74 low. Wave ((b)) bounce ended at 6987.93 high in lesser degree flat correction. Wave...
UKX is approaching our first resistance at 7009(horizontal swing high resistance, 38.2% & 50% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 6746 (61.8% Fibonacci retracement , 100% Fibonacci extension, horizontal swing low support) Stochastic (89,5,3) is also...
FTSE lacking momentum one way or another Technically we can see that the FTSE 100 remains negatively biased. The (orange) Chikou Span is well below the price line and has yet to define any significant support or resistance levels, which may not help if any further negative Brexit or other political concerns rear their ugly heads. That said a flattening Kijun Sen...
UKX is approaching our first support at 6768 (61.8% & 100% Fibonacci extension , 50% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 7045 (38.2% &50% Fibonacci retracement , 61.8% Fibonacci extension ). Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
RIO - We should expect more drops in Rio Tinto?
The FTSE100 index is approaching a critical 2.6 retracement level of the previous uptrend, and it could be good time to buy. However, with the Brexit news and Theresa May woes, just hold your horses for a bit. The index is still largely in a sell-off fueled by the lack of confidence surrounding the Brexit deal and seemingly the vote to be held tomorrow. The...
Last post: May 17th. See chart . Review: Price was trying to make new all-time highs. Update: The market has reversed since then and has now broken below a major support area. Conclusion: We need to see if price will remain below the support area then we can look for shorting opportunities. Any comments or questions, do not hesitate to leave them below....
I expect UKX to make one more move up at least to make this at least a 3 wave correction, but with the potential of a much larger move.
The English stock market is tracing out a Super Cycle Strong B Wave IV flat since the top in 2000. Notice the length of the correction is greater than for other countries that have been in existence for a shorter period of time. Looks like the upwards correction has run out of waves and the final C Wave down has started.
Simple 5-day plan, good chance of touch the intermediate support cluster in october 9. It will be important for me to find the right time to jump on the boat. Let's see how this develop. Follow your own plan. Best wishes all....
Hello Traders, FTSE short-term Elliott Wave view suggests that the rally to 7790.17 high ended blue wave (X) bounce. Down from there, blue wave (Y) remains in progress with instrument showing a lower low sequence. The internals of that leg lower is taking place as double correction lower due to overlapping price action happening from 7790.17 high thus suggesting...
UKX FTSE100 100 zig zag correction
It looks like a good structure, I'll see how it develops
Momentum massively slowing down and getting towards a psychological key level (8000). Price is likely to reverse, aiming for 7000.