Thursday 1 November 2012

FT100, Thursday Nov 1, 2012

Hi Traders,

If my wave count is right the FT100 has lost the last chance to over around the 5,700 area and it's heading south.

The monthly chart below (sorry, i don't have much history) shows the completion of 5 waves up and the 1-2-3-4 in red. Note the log shadows in the last 3 candles, clearly a sign of weakness.


Check the weekly chart below. The FT100 reached the top level 4-5 times but shows great weakness . Check the red Displaced MA (DiNapoli). It shows a Double Repo, meaning that it's quite bearish.


The daily chart below shows the completion of 5 waves up, wave 1 and 2 in red and a breakout. Time to take your short position. It also shows a double top made of wave 5 and wave 2.


In the 4-hour chart below there's a reversal candlestick (4) within a down channel that has been touched 5 times


The 1-hour chart below shows wave 1 and 2 out of 5. Good entry point.

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