FTSE

Ok, Daily chart.....


dl.dropboxusercontent.com/u/7238706/FTSE...aily%20july25%29.png [click this link for a better view]

.... I must confess to have gotten a little lost with this in the past week, so I ripped all the lettering from the chart and took a fresh look. The retrace to the recent low at 6643 is 61.8% of the entire move from 6395 on Feb 3rd, thru to the high at 6896 on May 15th. I have provisionally labelled the high as wave A and the retrace as wave B. If the current move develops as expected we should see an eventual high in the blue area between the 100% and 127.2% extensions. Please note, as stated, these are provisional figures only and they could well extend from these projections.

A close-up look at the same chart shows just how much the price reacts to the Fibonacci levels - it never ceases to amaze me

dl.dropboxusercontent.com/u/7238706/FTSE...sh%20%28close%29.png [click this link for a better view]

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.

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, 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.

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

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=