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.
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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