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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so far looks more like ABC from 1.5805
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