Good morning
We have a positive outside week which re-enforces the view that the market has a made a solid medium term low at 5815. A positive outside week is when the FTSE makes a new low when compared to the previous week but closes higher than the previous week. Positive price action.
In the short term I refer to my Elliott count as of last week and we can see we are currently tracing out the 5th wave of wave 1 (see attached). Its possible wave 5 ended on Friday as we had a new high for the week but futures are trading over 6000 again so if we can hold over 6000 in the first hour of trading I would expect the current rally to complete near to 6055. The subsequent wave 2 decline (target 5900 and lower) could open up a nice buying opportunity.
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