FTSE

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.

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.