FTSE

The recent pull-back has formed a zigzag. Here's my hourly chart...


dl.dropboxusercontent.com/u/7238706/FTSE...0Cash%20%281H%29.png

...it looks like it ended at 6,699 but, until we get a 5 way move in the opposite direction, there could always be an extension further down. For the time being it looks like we move up.

An update of the hourly chart would indicate a possible end to the current pull-back(PB)...

dl.dropboxusercontent.com/u/7238706/FTSE...20%281Hjuly11%29.png
...check out the deviations on the RSI as marked in the ovals. They clearly showed the start of the PB and are now indicating a possible end. Maybe a bounce from the 'devil's number' at 6666 is on the cards?? X=

Ok, so it made 6662.8 and has since bounced to 6689.8. Not bad. Hopefully Monday should see us back above 6700 again....
Have a good weekend all

Ok, the updated 1 hour chart....

dl.dropboxusercontent.com/u/7238706/FTSE...20%281Hjuly12%29.png

...so first we need to get above the resistance at 6695 to confirm the move up. That achieved we have two possibilities; we either turn between 100% and 127.2%, so 714 to 728, in which case we are looking at an ABC 3 way move, so change the i to a and the ii to b; or move up to 161.8% and above for a 5 way move, so that would mean 744, 757, 775 to complete wave ( iii ).

Let's not jump the gun. Break the resistance first else we are going back down.

I can't believe it: I've had no internet all day from 3am till 22.00. I just switched on to find the ftse hit 6761.8, so not a million miles from 6757....Gutted to miss a move like that!!

Ok, here's the update on the hourly.....
dl.dropboxusercontent.com/u/7238706/FTSE...20%281Hjuly15%29.png

.....well wave (( a )) developed into a 5 way move with good divergence between the 3rd and 5th waves plus extension beyond the 161.8% We have since had an ABC to form wave (( b )) at 6695, exactly where we sprang from on Monday. We can now expect another 5 way move to form a zigzag terminating somewhere between 6819 > 6839 ..... fingers crossed

IMO this is possibly only the first wave in the push north to make a new high.