Good morning
The FTSE closed yesterday's session on a new yearly high. Positive action for the bulls.
We have clear impulsive action up from 5815 which signals higher prices longer term (possibly 6500) . In the short term we have 5 waves up, bearish divergence on the MACD (see chart) and resistance running from December at 6100, so the odds of a correction coming in shortly are increasing. Target 5900.
The S&P and Dow have also completed major patterns so if these markets turn down they will drag the FTSE as well.
Whilst we await a clear reversal signal we can trade the intra day price action as we see it.
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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Wednesday, February 9, 2011
Tuesday, February 8, 2011
Mark Austin FTSE Trading Update - 8 Feb 2011
Good morning
The FTSE has met our target at 6055 and futures are currently resting close to this level. We now look for wave 2 down but we need confirmation. I am counting the current move up as a 5th wave of 1. Its possible we could get an extension of the 5th but no further than 6100.
The FTSE has met our target at 6055 and futures are currently resting close to this level. We now look for wave 2 down but we need confirmation. I am counting the current move up as a 5th wave of 1. Its possible we could get an extension of the 5th but no further than 6100.
Monday, February 7, 2011
Mark Austin FTSE Trading Update - 7 Feb 2011
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.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
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.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
Friday, February 4, 2011
Mark Austin FTSE Trading Update - 4 Feb 2011
Good morning
Its non farm payrolls today and this news item will be released at 1.30pm. I have attached the strategy for profiting from this.
In reference to yesterday's analysis we can see we had the 4th wave down finding support at 5950 and we are now in the 5th up. Target 6035-55.
If the index holds over 6000 today I would not recommend shorting above this level. I will be looking for a new high followed by a close below 6000 to confirm wave 2 down is underway.
A fresh negative signal is presented on an established break of 5956.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
Its non farm payrolls today and this news item will be released at 1.30pm. I have attached the strategy for profiting from this.
In reference to yesterday's analysis we can see we had the 4th wave down finding support at 5950 and we are now in the 5th up. Target 6035-55.
If the index holds over 6000 today I would not recommend shorting above this level. I will be looking for a new high followed by a close below 6000 to confirm wave 2 down is underway.
A fresh negative signal is presented on an established break of 5956.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
Thursday, February 3, 2011
Mark Austin FTSE Trading Update - 3 Feb 2011
Good morning
The FTSE is back into bull mode and the decline to 5813 can be seen as a mere profit taking exercise. The decline was backed by concerns over Egypt. However, in reality the markets were over bought and if it wasn't Egypt it would have been something else to prompt the sell off.
In terms of Elliott Wave Theory we were expecting a final wave down to complete the wave structure and this may have been seen on the futures. Elliott Wave Theory is not an exact science but it can be a very useful projection of where the markets are heading in the medium term. As you know we were calling a sell off to 5820 weeks before this happened.
The FTSE is back into bull mode and the decline to 5813 can be seen as a mere profit taking exercise. The decline was backed by concerns over Egypt. However, in reality the markets were over bought and if it wasn't Egypt it would have been something else to prompt the sell off.
In terms of Elliott Wave Theory we were expecting a final wave down to complete the wave structure and this may have been seen on the futures. Elliott Wave Theory is not an exact science but it can be a very useful projection of where the markets are heading in the medium term. As you know we were calling a sell off to 5820 weeks before this happened.
Wednesday, February 2, 2011
Mark Austin FTSE Trading Update - 2 Feb 2011
Good morning
The FTSE is currently standing in a neutral zone. The index failed to move past 5870 yesterday to create a negative signal and it has closed right on 5957 which as you will remember from last week was the previous break out level leading to a decline to 5813. Acceptance (3 thirty minute candle bars) over 5957 is bullish and the all important close over 6000 will create a fresh buy signal. With America making new highs this is likely but we need confirmation.
The FTSE is currently standing in a neutral zone. The index failed to move past 5870 yesterday to create a negative signal and it has closed right on 5957 which as you will remember from last week was the previous break out level leading to a decline to 5813. Acceptance (3 thirty minute candle bars) over 5957 is bullish and the all important close over 6000 will create a fresh buy signal. With America making new highs this is likely but we need confirmation.
Tuesday, February 1, 2011
Mark Austin FTSE Trading Update - 1 Feb 2011
Good morning
Did we find a floor yesterday just above 5800?
That's the question everyone is asking. I have attached my elliott wave analysis from yesterday which still stands to form. The decline to 5813 yesterday looks like the end of wave 3 of the C wave. Wave 4 up was the rally to my projected target at 5900. 5906 is the 50% fibonacci retracement level. Wave 5 should therefore come in over the next few days creating a retest at 5800 or slightly lower.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
Did we find a floor yesterday just above 5800?
That's the question everyone is asking. I have attached my elliott wave analysis from yesterday which still stands to form. The decline to 5813 yesterday looks like the end of wave 3 of the C wave. Wave 4 up was the rally to my projected target at 5900. 5906 is the 50% fibonacci retracement level. Wave 5 should therefore come in over the next few days creating a retest at 5800 or slightly lower.
To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.
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