FTSE 100 update

Nice symmetary but could a H&S be too obvious, too perfect? FTSE made 5,789 today.

This from 6th October: 'As I calculated in a previous post using the 50x3 PF, a 78.6% retrace from the top (6050) to bottom (4800) comes out at 5,782, which is reasonably close). This assumes of course that we get a 'perfect' head and shoulder pattern'.

I must admit I didn't give this much of a chance because back in October the PF's of the FTSE were pointing to lower lows.

BHP Billiton - completing right shoulder?

If the FTSE is going to turn lower it will be led by the high beta mining and bank stocks, which have had an amazing run through Dec.

BHP Billiton share price has filled the gap left at 2160p and 2200p. If this a head and shoulders, it should not go much higher than 2250p (note the lower low at the bottom of the 'head'). RSI currently 71 and Slo Sto 91.

The Weekly chart provides a bit more clairty as to the pattern. Shares currently 2207p, so we will soon find out whether this would be head and shoulders pattern materialises.

'Euro birds'

Antofagasta - gap at 950p

RUT 1000

FTSE 100 update

Using the 50x3 PF, a 78.6% retrace from the top (6050) to bottom (4800) comes out at 5,782, which is reasonably close). This assumes of course that we get a 'perfect' head and shoulder pattern.

On the daily, the FTSE 100 paid no respect to the 200 sma at 5,722.

FTSE 100; 15 min chart

No new higher high on the 15 min chart yet.