Good morning
After a strong rally yesterday FTSE futures are currently up around 30 points. Its possible an important low is in place at 5518 and the start of a final 5th wave has commenced. Target 6100.
5477 has held so the FTSE is still in a bull trend and the move from 5902 can be counted as a correction (4th wave). Of course this will most likely be a long drawn out event unless we have confirmation the European situation is contained. America has stepped into the limelight and may offer assistance going forward. A positive move but only speculation for now.
From a technical point of view if we have started the wave 5 up this will be sub divided into 5 waves. We are currently in wave 1 and this should end around 5720.
When I met Mark I was enormously impressed with his FTSE trading abilities, so much so that I decided to recommend him to my clients. John Piper
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