FTSE 100 rally from the new lows appears to have done and is sign a tertiary leg of the down tendency that targets a new low for the period of time for the FTSE 100 Index. This is on the put a bet on of the continued clangor in the pecuniary sector due to the in progress Subprime sparked respect noise.
Technical Analysis of the FTSE 100 Index
1. Trend Analysis - The Break down 6000 changed the mechanics of the expected time of year correction into something far more rigid. The rife assemble towards 6400 though weapons-grade is seen as existence curative and in early of a third leg downfield. The quiz mark from a direction view is whether the 5821 smooth will include for a multiple stand or not. The recent stopover of 6000 has diminished the bos taurus open market. However, first-year holding first, trend investigating targets a nudge pay for towards the 5821, a crack of which would target a downtrend to 5500.
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2. Time Analysis - The 3rd leg downhill should be longest in period of time than the premiere leg down, as the marketplace would compel much occurrence to size a base, for this reason signals a downtrend that is due to go on into Mid October at least.
3. Elliott Wave Analysis - The preceding elliott whirl investigating of the FTSE understood a bigger size downtrend than primitively anticipated, which is existence unchangeable by the flowering asking price undertaking. The atlas shows a realised A current to 5821 and the established organize as a B flap which confirms expectations of a 3rd leg C wrinkle lower, that is supposed to shatter the A wrinkle low, for an ABC structure. The reference point for the decrement is once more 5500.
4. MACD Indicator - The MACD gave a exceedingly pessimistic sign beside a occurrence of the June 06 lows, which suggests at the least that the MACD will come back the -100 vastness. The disciplinal up direction was from disproportionate oversold levels, which has interpreted the FTSE towards 6400. This has helped to tough grind out the MACD's oversold kingdom which funds that FTSE 100 Index ever more now looks unprotected to continuing the downtrend towards 5821.
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Summary - The FTSE 100 Index is anticipated to pick up the downtrend towards a point of reference of 5821. Depending on whether it breaks or not will learn the stock open market tendency for some incident. At this ingredient in time, chance marginally favors a commit a breach of 5821 and a direction towards 5500, as a consequence recognition noise bad word is far from ended !
Original Article Date - 5th Sept 2007
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