This morning I attach a chart showing the final formation of wave E. We saw a reversal point at 5752 last week which we positioned long for on the premise that wave E had completed. If the FTSE falls below 5795 during cash hours then its likely wave E will instead complete nearer to 5700. We will know at the open. This is the alternate count and one which I have been wary of and is the reason we have not entered into any swing trades this week and instead just the tunnels. Far better to wait for a clearer pattern. Of course the debt news has also been a concern as when these scenarios arise the market likes to shake as many traders out of positions as possible. I continue to expect wild swings this week with many amateur traders getting stopped out on an attempt to try and second guess the outcome of the news.
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