FTSE - Something is "afoot", see? See what I did there? Heyo!
Notice the proportion of candles spent trying to break the trend line early on in February. Now look at the past week, hardly any candles there and they got rejected by Thor's hammer like it was a bolt of lightning. Unless we suddenly break out today with a wild swing of momentum from US markets, which I think could go either way short term, eventually we are headed down for more bearish action. On one hand, the chart has bounced from the current level of 3400 in the past couple months, however on the other hand it failed to make higher highs, hence we are testing this line for resistance now rather than support. This is overall bearish for the market and will spill over.
Good luck and hedge your bets!
E100 trade ideas
Eurozone 100 gives a hintA few important notes here:
We failed to sustain 3500 thus far after 2 breaks above trend and about 10 tests total of the trend in the new year.
We haven't retested the low of 3400 which was only tested once/twice since the new year.
If you look at what the RSI is telling us about local momentum, we'll see more downside UNLESS we can pull off a 3500 retest, which the market is aiming to do, but is looking rather weak. RSI avg (yellow) hasn't broken below 30 so it looks like an impulsive and risky buy here, rather than a safe buy.
E100 gives a hintA few important notes here:
We failed to sustain 3500 thus far after 2 breaks above trend and about 10 tests total of the trend in the new year.
We haven't retested the low of 3400 which was only tested once/twice since the new year.
If you look at what the RSI is telling us about local momentum, we'll see more downside UNLESS we can pull off a 3500 retest, which the market is aiming to do, but is looking rather weak. RSI avg (yellow) hasn't broken below 30 so it looks like an impulsive and risky buy here, rather than a safe buy.
E100 - trend continues to new lowsE100 continues on its way down to new lows. In the shorter term view, it seems to have finished, or nearly so, minute counter-trend wave 2. The next move should be minute 3, where the most probable target is is below 2,500. If prices crosses up 2,820, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
E100 reached the target and trends down, as predictedE100 reached the target forecasted in our post of May 31 and reversed, as predicted. It seems to have finished minute wave 2 up. If this is the case, minute wave 3 will be down and with strong momentum. The probable target for the end of minute wave iii should be below 2,500. If price crosses up 2,813, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
E100 - near the end of the counter-trend rallyE100 is tracing the end stages of intermediate wave(2). When it finishes, the downtrend to new lows will follow. It already reached 50% of retracement of wave (1) but it could continue up to around 2,780 before reversing the trend. A move below 2,550 would increase the odds that the trend already reversed. FOLLOW SKYLINEPRO TO GET UPDATES.
FTSE EURO TOP 100 new lows ahead - critical junctureFollowing the path previously posted here, E100 is starting minor wave 5 down that should push the index to around 1972. The alternative scenario is tat where we read 4 it is wave A up, in this case we could see another leg up before this decrease. Keep tuned ! FOLLOW SKYLINEPRO TO GET UPDATES.
FTSE EURO TOP 100 - on more leg up before correctionE100 is tracing an ABC pattern that when finished will culminate with the end of minor wave 4 up. This counter trend wave was longer than expected, but it seems to be reaching its end. The reversal target should happen between 2600 and 2800. After this the index should finally start its minor wave 5 down and take it to new lows. FOLLOW SKYLINEPRO TO GET UPDATES.
A long-term trading opportunity to sell in E100. Wait to Hunt!!Technical analysis:
FTSE is in a downtrend, and the continuation of downtrend is expected.
The price is below the 21-Day WEMA which acts as a dynamic resistance.
The RSI is at 45.
Trading suggestion:
The price is still in a downtrend and we forecast the downtrend would continue.
There is possibility of temporary retracement to suggested resistance zone (2900 to 2933), if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (2900)
Ending of entry zone (2933)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
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