Good morning
The FTSE flirted with support at 6055 yesterday but failed to close below this level. The current market is clearly very indecisive especially given yesterday's daily candle bar close and we have seen no clear trend continuation for sometime now.
Whilst the FTSE avoids an end of day close below its 20 day moving average at 5976 we cannot assume higher prices are not on cards. In fact for any bulls wanting to go long this should be your stop reference.
Elliot wave calls for a move to 5900 but we need price action to come in line. This fits well with American markets due a correction. The best signals are when price action and Elliott wave theory compliment each other. This is clearly not the case at present. Once we see this I can start recommending swing trades again.
Given the market conditions we should concentrate on short term signals to enter us into day trades.
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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