The FTSE closed at 5129 on Friday and with the bank holiday Monday yesterday the index has been digesting news and we are set to gap up some 145 points higher.
Last week we were taking advantage of sideways action with a preference to shorting any rallies towards 5070. The larger wave count still calls for further downside towards 4800 however I would not expect to see prices trade above 5254-5265 this morning if this count is to remain strong. You will remember this was a previous key level which led to a huge sell off (see chart). Another thing to take note of is the close tomorrow. A monthly close above 5200 is bullish and if seen we could see higher prices towards 5700.
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