FTSE has been in a long slow correction since the large fall in Feb/March.
Many traders are still very bullish buoyed up by the continual money printing by the central banks
which they believe will NOT let stocks fall? This has been especially true in the US.
From a chart view it looks like a Megaphone pattern has been in play for the last 2 months or so
typified by larger swings in each direction as the market is very uncertain.
This megaphone pattern may have completed as wave (5) has retreated beyond wave (3) indicating a failed
break of the rising trendline.
I will be looking to short FTSE if it retreats back below wave (3) and adding to my position on a close below
the lower bold trendline.
Good Luck
Many traders are still very bullish buoyed up by the continual money printing by the central banks
which they believe will NOT let stocks fall? This has been especially true in the US.
From a chart view it looks like a Megaphone pattern has been in play for the last 2 months or so
typified by larger swings in each direction as the market is very uncertain.
This megaphone pattern may have completed as wave (5) has retreated beyond wave (3) indicating a failed
break of the rising trendline.
I will be looking to short FTSE if it retreats back below wave (3) and adding to my position on a close below
the lower bold trendline.
Good Luck