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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Tuesday, 3 July 2012

Ftse reaches Fib cluster

Appears to be at the apex of a rising wedge ,a 1.272 expansion target and 2 retracement targets ,5692 and 5699 (0.786 and 0.618 of the minor and major ranges )


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2 comments:

  1. Anonymous3 July 2012 at 22:53

    Calling ChartRambler ;-)

    http://albertarocks-ta-discussions.blogspot.com.es/2012/06/nysi-adds-fuel-to-argument-for-bounce.html#comment-575618460

    BTW, my experience has shown me that steep wedges represent important strength (rising) or weakness (falling), unlike their more horizontal cousins.

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  2. Chartrambler3 July 2012 at 23:12

    Hi HR I see the larger pattern as very bearish (eg PD's recent chart) and we have a confluence of 3 fib targets very close together plus a cluster of Gann cycles hitting this week.Risk/Reward for selling a break of the rising wedge (a bearish pattern) is good,with a stop above the high/fib levels).All imo :-)
    Also the 10 year monthly chart of Ftse250 is a disaster waiting to happen (DT with LH)

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