The FTSE completed 5 waves down yesterday albeit by one pip. The low for the day was 5086 so just 1 pip from the early morning session low. This also counted as a false break below the key level at 5089 that we had discussed. 5 wave patterns are impulsive and signifies the trend. In this case the trend is down and we can expect lower prices shortly. The rise we are seeing now is wave 2 up. Once complete wave 3 which is the most powerful wave could carry us to below 4800. Wave 2 could end just over 5300 so i will be looking for sell signals.
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