FTSE

Nice ascending triangle breakout.
So far its been boring which is no surprise as its probably waiting for the cue from the dow
This area is a well known resistance area yet price has not convincingly broke out yet which says that its still battling with this area.




weekly chart

dl.dropbox.com/u/4899609/ftse10014thjan.png

dyor

I'm going long on a backtest of 6106. Best place for a stop would be below 6053 which is quite wide. There's always the chance that this was a false breakout but it's had a few opportunities to drop from here and hasn't yet...

here's what im looking at. dl.dropbox.com/u/40497882/ftse11Jan13.JPG

wrt to targets, interim target i have for this intermediate wave 3 is approx 6358 (int w1= int w3) this takes into account both minor wave 4 correction and minor wave5 of 3. well that how i see it, suggestions welcome.

a 161 fib ext comes in at around 6403.5

regards WS

WaveSurfer wrote: I tend to agree, i 've had an interim target of around 6141-6171 area before xmas as per previous thread, i may need to re-adjust this target now

I think we are in an early state of minute 3 of int 3 of major 3 of 5.... well that what im counting it as..... will try n post up a chart later and some new targets.

I also see US indices making new highs very soon.

Yep, thanks WS, updata's end of day download corrected the chart to the figure you gave.

6101.51 is what i have.... checked bloomberg, reuters and on the home page of chartsview...

Jackozy wrote: 6097 it is then....

6097 it is then....