Ftse100
UKX Hourly - Push higher likely to stallI would be surprised if this bounce continues much higher before a pullback/some consolidation. We are hitting double resistance - Lateral and downward sloping. There is also some hidden bearish RSI divergence. Ideally would like to see 7070 tested and then will re-assess
UKX Hourly - Remains bearish below 7190We've had a bounce off oversold levels this morning but my bearish thesis remains whilst we are below 7190. Next downside target is 7060.
FTSE 2017 fractal points to a 7500 topThis is a fractal analysis on FTSE from 2017. Not much description is needed here, the chart is quite straightforward. The 2020-2021 (Fractal B) price action so far is similar to the 2016-2017 (Fractal A) sequence. They both started after the market bottomed out on a 1W Death Cross and have been rising with only medium-term pull-backs when the price hit a Higher Highs (dashed) trend-line. In 2017 the index made the next Higher High within the 1.618 - 1.786 Fibonacci extension and topped on the 2.0 Fib mark. If the pattern continues to repeat itself, then FTSE may make a Higher High within 7330-7430, pullback and go for a market top at 7550.
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UKX Hourly - Bearish engulfing The Hourly bearish engulfing candle confirms my short thesis as well as puts a line in the sand as a stop loss (7225). It has been a frustrating ride so far so hoping we can pick up some momentum to the downside
Elliott Wave View: FTSE Nesting Higher As ImpulseShort-term Elliott wave view in FTSE suggests that the pullback to 19 July 2021 low (6812.84) ended wave (4). Up from there, the index is nesting higher as an impulse sequence within wave (5) favoring more upside extension to take place. While the initial bounce to 6929.89 high ended wave ((i)), wave ((ii)) pullback ended at 6827.26 low, wave ((iii)) completed in lesser degree 5 waves at 7018.95 high. Wave ((iv)) ended at 6956.24 low, wave ((v)) ended at 7033.27 high thus completed wave 1.
Down from there, the index made a pullback in wave 2 to correct the cycle from 7/19/2021 low. The internals of that pullback unfolded as Elliott wave flat structure where wave ((a)) ended at 6980.67 low. Wave ((b)) ended at 7038.65 high and wave ((c)) ended at 6929.64 low. Above from there, the index started the next leg higher in wave 3 and ended lesser degree wave ((i)) at 7093.93 high. Then wave ((ii)) pullback ended at 6996.93 low and resume the rally higher again.
Whereas lesser degree wave (i) ended at 7142.54 low, wave (ii) ended at 7089.74 low. Near-term, as far as dips remain above 7089.74 low and more importantly above 6812.84 low then FTSE is expected to extend higher in lesser degree wave (iii) towards 7236.10- 7326.35 area higher before entering into a wave (iv) pullback. We don’t recommend selling and expect dips to find support in 3, 7, or 11 swings for further upside.
UKX Hourly - Approaching double resistance FTSE has a habit of issuing a signal then giving one last final squeeze - is the same happening again post the break down of the rising wedge? I'm still holding onto my prior shorts and using this opportunity to add. Currently at double resistance at 7190. RSI also showing divergence as well as being overbought. Good RR here I reckon for a short.
UKX Hourly - Hourly close here will confirm the break lower Bearish rising wedge has broken lower but need the hourly close to confirm. Downside targets are 7060, 7025, 6980 and 6940
FTSE- The Big ShortFTSE, Has completed this huge daily harmonic pattern since before the Covid pandemic, We could see a massive sell of in the indice, Money running to the $ could see a massive collapse in global stock markets, because they too me seem very over priced, considering the state of the overall world economy right now, with tensions brewing China, is it possible we see a massive sell off and pressure on the FTSE 100, time will tell.
UKX Hourly - Still favouring a short Top of channel again, coupled with lateral resistance. Bearish RSI divergence, as well as a potential rising wedge forming
UKX Hourly - Testing upper resistance againFTSE has shot higher this morning, but is testing the upper resistance of the megaphone pattern we identified last week. Coupled with bearish RSI divergence there is decent RR to go short here. I have already started scaling in
UKX Hourly - Nice pullback off resistance Nice pullback this morning off the top of the megaphone formation identified yesterday. There is double support around 7015/25 = lateral and upward sloping. A break below here targets 6980 and 6940. 6900 would see the bottom of the megaphone formation and the next large support region shaded in red. My bias would like to see it lower - but ideally would need to wait for confirmation. Also need to bare in mind that its not unusual to see selling into month end followed by a rally at the beginning of the new month
UKX Hourly - Approaching top of megaphone Looking good for a short as it approaches top of megaphone formation within the red lateral resistance zone. RSI also looking stretched. First targets are 7055 and 7025
UKX Hourly - Lost channel supportLost channel support after testing significant resistance (breakdown level from last week). Targeting the red area = 6860/6900
UK100 long is live 📈👍Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency.
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Darren.
UKX Hourly - Consolidating before next leg higher Decent bounce o/n / this morning following yesterday's sell off. I still favour a further move to the upside to test the initial break down. Can potentially see a bit of consolidation here in the red zone before targeting 6980. RSI has also broken out.
UKX Hourly - Approaching lateral supportThe 7025/6080 support area failed as expected following 4 previous bounces and a subsequent bear flag. We are now approaching new lateral support as the RSI heads into oversold territory. I will look to start averaging back into my ISA and SIPP accounts hoping for a bounce. When zoomed out the longer term picture is looking slightly more worrying - we may be approaching a sell a rally vs. buy the dip. Will monitor closely
UKX Hourly - Bear flag confirmed Bear flag targets 7055 - This index has been feeling heavy since yesterday and we have just received our first technical pattern to confirm
UKX Hourly - Feeling heavy The index failed to make a higher high and has been trending lower all day. The 6980/7025 area has been tested 4 times and bounced aggressively - I doubt this will be the case on the next test. THe more times a level is tested the more likely it is to break/fail. I'm currently holding a short position (to hedge equity), but keeping an eye on the overhead open gap. I feel much better delta neutral at these levels
UKX Hourly - 4th time lucky for a bounce?Previously bounced 3 times off 7025. The more times it tests, the less likely it will hold. BUT move has been quick and price is extended from its 20day SMA. This favours a bounce here or at the very least a consolidation.
UKX Hourly - Looking for break above downward resistance A break above 7150 (downward resistance) can see the index shoot higher towards full 7200 target. There is a gap at 7188 that I have been keeping an eye on and would like to see filled.
