Anyway, that's my guestimate! If it pushes on, a double top scenario seems most likely, as alluded to in a previous P&F previous post (see July: FTSE 100: the wicker man)
Monday, September 13, 2010
FTSE 100: Possible target 5,590
I'll be the first to admit i'm a dog with EWT (woof woof!) but he's a target for the FTSE. It looks like a minor (minutte) five wave up to me. A 76.4% retrace of the April high to the July low gives a target of 5,590, which is just outside the upper resistance line. The slo sto suggests this rally has limited upside but the FTSE slavishly follows the US markets so may get a further shot of adrenalin from the Dow and SPX.
Anyway, that's my guestimate! If it pushes on, a double top scenario seems most likely, as alluded to in a previous P&F previous post (see July: FTSE 100: the wicker man)
Anyway, that's my guestimate! If it pushes on, a double top scenario seems most likely, as alluded to in a previous P&F previous post (see July: FTSE 100: the wicker man)
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