The FTSE has completed and broken a rather distorted head and shoulders on October 2nd at the same time as breaking a long term weekly trendline at 6588. A Classic Fibonacci Power wave can be seen on the daily chart that started on September 22nd clearly visible on this chart and in one stroke broke the 365 day Hull moving average AND the 90 day Hull moving average. This power wave could be duplex in structure. The price could then consolidate within the blue box between the levels 6597 and 6488 possibly to retest the trend line at 6597. A double move would complete at the tuquoise level on my chart at 6276 where an uptrend line is to be found near another interesting level at 6295. I am short this index from 6759 with my target at 6300. My initial stop has moved to 6692 so no exposure now.
I have carefully marked the important FTSE price levels for anyone interested
I have carefully marked the important FTSE price levels for anyone interested