Here's the updated ftse chart from below....Triangle played out and hit close to 72 pivot....

72 key for ftse - watch the wedge forming.

dl.dropboxusercontent.com/u/40497882/Ftse%202hr_08May13.JPG





dl.dropboxusercontent.com/u/40497882/Ftse%202hr_08May13.JPG

pop !!

Closed it at b/e (including 6 pip spread out of hours)first thing this morning as I had not sense that it would succeed.

could work... but take into consideration that this would be in effect the 3 touch of the upper line....so technically its weakening and chances are it could break through to upside...if it does it be approx 80/90 pips higher.... it was a powerful move of that lower line nrly 70 odd pips....

watch 6444/47 on any pullback for further clues.

funnily enough it does break out to the upside, there is a pivot on ftse @ 6572 - so break out of the tri and it be close to that pivot...co-incidence ?

make sure you got stop and if you in money at least take some and move stop in to prtect your position...

imo dyr.

rgds WS

Sadly I'm going to have to go, but appreciate the discussion WS. I'll leave the trade I've place as it's controlled reasonably I think. Will try to check back in later.

look dow 1min chart - inside bar 16:51 - then double top 17:02... until dow dont take the previous candle where inside bar formed, then it cant go higher...

828 dow goes higher, a break off 819 and stays below the dow continues to head lower...

828 -819 is key to watch....then we morph into longer time frames to assess...

Nice little triangle clear on the 30 min/15 and lower charts also at the moment. I'll be out soon so happy to leave that protected with the stop o/n. Will either come good or not, but it's been a good day playing it so far.

I actually caught some of that to the good and am currently short from the 64 area based on the descending trendline (tri). I've put a stop at 74 (tri top plus a couple of pips for the spread). Does that sound like a reasonable play at the moment?

hi - shotry - look at both charts - 1st at point when ftse reversed of the upper line, 2nd when ftse hit that 504/ 412 bottom line - see 2 lines at lower end - one lower TL of tri, the other a tl from previous high 6535 ....nice big bounce ping pong back into the tri from that number 412....

easy trades until it breaks down/up one way or the other...

412 big number for ftse - ftse cant go lower until a close, then 2nd closed required below 2nd 375/75 for confirmation on lower prices.. until then trending in range /consolidating - just playing what i see

if you see the number i put yesterday - ftse hit exactly 77 n reversed down to the lower range... again today hit the 65 close to my 67 and put in a lovely inside bar on 1min chart + hit upper TL tri - easy short.

then 1min chart at 405/12 area doji formed, reversed off the lower TL's backtested and held 412 - signal to go long again.

great range play today...

WS, have you posted the same thing 2 times?

& pop !! ??!! watch those lines ... 6412 again lol

ping pong

dl.dropboxusercontent.com/u/40497882/ftse_tri_02%20May.JPG

B complete......confirmation of close below 6375/8

Short @ 6445
SL above day before yesterday's candle high

key number to watch on ftse - if your trading it.

*6378 > 6391 > *6412 > 6422 > 6467/77 > *6486* > 6505 > 6535* >6572 > 6615 > 6720 for now.

must always get divergence to confirm - perfect example of failure here on the potential +div here. although held a key level.. i'm sure 6412's been mentioned several times previously... in any case remo's 1st 1hr system would have worked a treat and -div confirmation to boot ......WaveSurfer wrote:

+div setting up - divergence will be confirmed on a break above and hold @ ~6456

until that break the divergence can fail.

-Div on ftse this morning and that confirmed on the break of ~6476 ( the start of price and RSI diverging)

dl.dropboxusercontent.com/u/40497882/fts...ri_15_pos%20_div.JPG

yes it does. i'm doing some work on this, when ready i will post, i mentioned a few days back about an alt count i have...

should the us market make new high Spx/naz/ndx has so far, dow has not on closing basis- so need to some confirmation before the alt count is active.

as from our discussion on chat... its buy the dips market afterall

perhaps it may be sell in June instead of sell in May this time round ?

screencast.com/t/PQO0d3H2j

WS/J/R or anyone else with a expertise in indices. That would appear to be an iH&S formation on the FTSE with a target around 6700. Does that make any sense with respect to your other forms of measurement e.g. EWT, P&F etc?

Fats

www.dropbox.com/s/yga9q3jkmjhh58i/FTSE%2015m%2025.4.2013.gif






Is a 123 scenario developing on the 15m chart ?????



DYOR .....

banked some profit now let the rest ride with stop protect positions.

dl.dropboxusercontent.com/u/40497882/ftse%20position.JPG

dl.dropboxusercontent.com/u/40497882/FTSE100_25April13_2hr.JPG

WaveSurfer wrote:

Thanks RC - im short now as of this morning pumpo... will pop chart later.

A close above 6424 (previous high) on FTSE (it has already made a high of 6437 today)would mean the current correction on FTSE is over.
Daily chart was weak and hence the correction but weekly chart still looks well with good strength in the uptrend.
I wouldn't short this until 6534 unless it shows some clear bearish candlestick signal.

here's today chart, played out nicely...

where to next i wonder....

dl.dropboxusercontent.com/u/40497882/FTSE100_24April13_2hr.JPG
WaveSurfer wrote:

A = 6213
B = current - complete minor A @ 6424, minor B @ 6224 minor (Hl) c @ .618 approx ~6421-47
C = A @ ~6080

also if you observe the 4hour chart inv H&S with neckline in @ approx 6355... projected move if breaks out would come in @ 6421-47

but before that some key numbers to get through 6355 / 91 / 412... the latter being tough to crack.... all imho

6355 & 6335 important for today

Textbook stuff so far....

Ftse played out perfect for the week....

yesterday close - nice and simple chart.

todays close was 6381 apporx.. ...

dl.dropboxusercontent.com/u/40497882/FTSE_daily%20simple.JPG

dl.dropboxusercontent.com/u/40497882/FTS...y%20simplecandle.JPG

going to plan ? updated chart - worth watching that area of congestion ...

dl.dropbox.com/u/40497882/FTSE%20EOD_Dailyv2.jpg

dl.dropbox.com/u/40497882/FTSE%20EOD_Dailyv1.jpg
WaveSurfer wrote:

Yep agree with that diver.

Cheers WS

I was actually referring to your internal labeling of what you are labeling (111), from 5605, and not the move from 4791. However, for guidance, a 50% retrace of the move from 3460.7 - 5833.7 is 4647.2 and not 4791.
Because my labeling contains ABC's does not make me a Bear. Far from it: overall I remain bullish until the main supporting trend line is broken. However, in the short-term I do expect a retrace to at least 6179 - 6084.

just for fun and something to keep an eye on

dl.dropbox.com/u/40497882/FTSE%20EOD_Daily.JPG

Theres so many different ways to do the waves .It sure can get confusing I broke a lot of the Elliott rules when i was doing the counts. It can get real complex or real easy. i like the easy way round
its good to see a lot of people trying them out now.

Diver Thanks,

Respectfully have to disagree....

Primary 1 @ 5833 - Primary II - (4791 )50% retrace, current wave Major 3 of Primary III which is sub dividing into 5 int waves - i-ii-iii just may have completed @6535, iv in progress & v to follow to complete major 3 of Primary III.

PII was also an ireg Flat which is bullish in nature and the results are here to see, a ftse breakout from those lows, expect new highs later on in the year and certainly wont be bearish until this time next year....

5605 was in between .447% @5617 & 50% @ 5580 from top of int 1 @ 5932 - major 2 low @ 5229 of primary III - enough to qualify.

as for wave 3 (major) - 1.68 from major 1 - 5989-4791 comes in @ 6730 approx, which is still in progress imo

there also other tell tale signs and indicators that suggest my count maybe correct, maybe for another day...

so no ...i dont believe this to be in error and more than happy to go with it, its kept me on the right path for some time after all as you say time will tell.

ALL IMHO

it is these opinions that make it fun for both bulls n bears....

A bull until price tells me otherwise.

regards WS

WaveSurfer,

The labeling of the move up from 5605 is in error.

For this to be an impulse wave wave 2 must retrace at least 50% of wave 1. Wave 3 must be at least a 1.618 extension of wave 1 from the base of wave 2.

I think you'll find it's a complex C wave starting from Aug 2011, or a wave 3 from 5229 June 2012. Time alone will tell. I would expect a minimum retrace to 6179 being 38.2 of the move from 5605; and more likely, 5997,being a good support between the 50 and 61.8 fibs.

If it goes below that then we are headed for a retrace of the entire move from 4791, in which case 5605-5450 looks the likely target.

Here's the daily:

dl.dropbox.com/u/40497882/FTSEDaily_EOD_07APR13.JPG
WaveSurfer wrote:

so far correction of approx 4% seems decent enough,however based on the daily, a close below 65 ema and weekly 13 ema should see further downside pressure also taking into account US markets are nearing towards corrections (unconfirmed yet a close below 1538 spx should do it).

so a bounce in B and move lower to complete C & intIV in progress ?

Remo - 6100 is very plausible & close to a pivot at 6084, weekly 34 ema sitting at 6087 and should provide some decent support and here's why, 6084 was also the top of wave 2 corrective in june 2011 and more recently the base before ftse went on a run from the open from 17th Jan13.... but there's more look at this price between - 13march 2006 to 2nd jun 2008 and whack a line on 6080-85

so potential road map, i say potential as i need to see clear evidence that this wave down is complete and we are in a B......next week will be telling and equally price dictates the market action so abv all that is the most important aspect.

if we now assume wave A is complete from 6535 - 6212 = 323 points so far....
wave "B" will retrace from 6212 to 61% minimum stnd ratio then, taking into account wave B's have a relationship to wave A and wave C's to Wave A:

wave B = Wave A @.618 = 6411 - 13ema on daily is at 6399, a close abv this level then .79 & 1.00
based on C will be equal to A @ 6411 - 323 = int iv = 6088* (34ema on weekly @ 6087)
wave B = Wave A @.50 = 6374 - int iv @ 6051
Wave B = Wave A @.38 = 6335 - int iv @ 6012

now if we look at the full previous 5 wave advance and calculate potential supports based from the low of int ii @ 5605 to high of int iii @ 6533 = 923 points.

int iv @ .382 = *6180*
int iv @ .50 = 6071*
int iv @ .618 = 5962 (int i was @ 5932, wave 4 cannot violate into wave i territory and Major 1 was @ 5989 not impossible tho)

so based on historic price and action, ma's and Fibs it appears there is a clear confluence and congestion in at around the 6080 mark, seems like a sweet spot to me and one to certainly keep a close eye on if and when we get there - esp the candle sticks.

i expect this correction to continue to be choppy side ways to down correction to at least that 6050-6080 area, also int ii was a clear simple zig-zig, perhaps the current correction will alternate in flat/complex correction......

All IMO - DYOR.

its so good to get a healthy correction....

Here's my EOD FTSE weekly EW chart.

dl.dropbox.com/u/40497882/FTSE_EOD_WeeklyWScount.JPG

enjoy the rest of the weekend, bottle of red finished...on to the next one....

long term bull until the PRICE tells me otherwise.

Shorting area

To add to remos post.

123 low area
Retrace to the 100fib
10ma 20ema and 50 am converging neck tie
I expect nothing else!!!!

clip2net.com/s/4S0tE7

Gl RMc

This is a weekly chart going back to 2008. The labeling maybe complete 'tosh' but it's my best view in the current circumstances so feel very free to differ

The forecasted movement is not time specific, so could retrace at a different speed to that shown, however I would expect the full retrace to ultimately drop as far as 4791.

One alternate view would be a shallower retrace to the 5360 area and then further upward progression in the form of an extension to the current move.

Im expecting this to fall to 6100 area as thats where this originally broke out from.
so a back test is possible . So i expect this to bounce on first attempt of that area.

there's one on the dow tooremo wrote:

yup - and whatta you know -the target for that is apporx 6200

Head and shoulders top on the daily chart of the ftse?????



zoomed out view

haha - you know me

Ive seen a lot of shares break there short term up trend lines recently.
so looks like a correction is on the cards. Go away in april and come back in october may be the theme this year as well.
Obviously for traders that trade daily this should not be the case

seeing 5 wave down from 6500- wave 5 = 1 @approx 257/251. i've taken my coin here and left a banker running, no need to get greedy. may cover for a bounce and reshort again..... if it fails to hold here @ 250's then a .1618 = 6201 approx


dl.dropbox.com/u/40497882/ftse5apr.JPG

276 breaks > 256 >235>176 approx...WaveSurfer wrote:

Rossymc - yes i use a series of fibs, .79 being one of them 23% alternative would be .277

combining both common and uncommon Fib ratio's i have found to help....

cheers
WS

WaveSurfer wrote:
Wave surfer

Do you use the 79%
Also do you not see the 76 as significant if you use the 23?

Regards RMc

keep any eye on 6335..... WaveSurfer wrote:

Chart update from 9:11 post

dl.dropbox.com/u/40497882/FTSE100_altcountv6.JPG