This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
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 )
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)
Calling ChartRambler ;-)
ReplyDeletehttp://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.
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 :-)
ReplyDeleteAlso the 10 year monthly chart of Ftse250 is a disaster waiting to happen (DT with LH)