Red Chilly - I feel your short will be successful in the end.
I feel the FTSE is coming to a short/mid term high. RSI is indicating bearish divergence at these prices, and it is just a matter of where & when rather than if imo. I almost went short last night at about 16.45 when there was a 2nd candle close under the 8ema - however, something stopped me as I thought it still had a wee bit to travel back up (the RSI still had to touch its resistance trendline also)
I never anticipated such a move down today.
My hope for tomorrow though is the price bounces off the 49sma on the daily and the 200sma on the 4H and the chart - and heads towards 6425/6450, or maybe even above(various sma's on a couple timeframes plus the 50% fib from recent high to low).
If the price starts showing weakness around this area - I will plan out a short scenario.
I would like to note that on the Daily chart the recent price moves have broken the trendline - but still to break the 49sma. once this has broke - it will confirm for that the downtrend has started.
