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Light Crude @ Wed 6 May 15
From December 12th: “Further selling would favour the more bearish count shown, projecting an eventual bottom around US$15.”
See the MONTHLY chart. The prospective 3rd wave bottomed at US$43.58 late in January. The 3rd was 172% of the 1st (typically 162.8%).
If the larger count shown is correct the current 4th wave rally is expected to top soon. The green horizontal at US$64 marks the typical 30% retracement of the 3rd. It’s worth noting that 4th waves sometimes play out as triangles.
If the 4th tops at US$64 the target range for the eventual bottom would be US$24 – US$15.
UK election result projections have goosed up
the pound and Ftse futs.I think this may retrace because the results are
likely to produce calls for an EU ref and even
another Scotland ref.Which markets will not like.
Never give up, never surrender.
Ftse futs raced up to resistance at 7050 zone and could not hold 🙂
I hope rth tries that trick 😉So Ftse bulls got by the election(so far) now on to NFP
Never give up, never surrender.
So to recap.
Ftse bounces off rising lower channel support circa 6800(rth)
and then today tries to kiss 7050(ooh) resistance zone.Wow 250pt jump for the old Ftse dog. I guess a flea must
have bit it’s bum. Maybe a westminster flea 😉Never give up, never surrender.
I will wait and see where Ftse settles and the NFP reaction,
as this kind of action, would fit the start of a run at ath’s
into the next new moon or a dead cat bounce.Such stark contrasts need care and attention.
Never give up, never surrender.
Like the Ftse, US majors could be on the way to
new ath’s or doing a dead cat bounce.Dax Cac Ita not on the same page, most likely
they have an eye on the Greek talks.Never give up, never surrender.
Small short Ftse 7050
Risk, this is a rally to new ath’s most likely into
the new moon window (centred 18th May).Reward, this is a very clever dead cat bounce.
That’s it for me until monday.
Never give up, never surrender.
Mixed views make a market and we have them atm.
Stocks hit a top last friday.
vs
Stocks are on a leg up into OE this friday.All we need is a good move to shift the odds one way or another.
Until then use your best day trading plan.
Never give up, never surrender.
Ftse may have ended in the red but the drop is
minor compared to the rally up from circa 6800
so we favour the bulls atm as this could be a
pause before another push upwards.We need more time to tell.
Never give up, never surrender.
Small short Ftse 7050
This early drop well below 7000 is nice, closed.
Never give up, never surrender.
Bears got a good bite out of the Ftse and we wait to see
where it opens wednesday.
I think Ftse bulls have to hope the US bulls can do what
they could not and close the opening gap, as that would
atleast set up a nice Ftse ooh entry.Ftse this week we score 1-1 (bulls monday, bears tuesday)
and on we go to wednesday to see who can get a run in
their direction.Targets are bears break through 6800, bulls new aths.
It really is the same stark scenarios, imho.Never give up, never surrender.
Greece has made it’s IMF payment this week but it appears
it came from reserves, of one form or another. This is not
going to be possible again, imho.So, during this month, we have potential for Greece to
either run out of cash or for the EcB et al to clear the
next bailout cash.Either outcome could cause a gap of 100pts minimum,
more likely 200pts, or even more for the Ftse.
Other stock markets, deffo euroland, in the same
pro rata order of magnitude.Take extra care whilst trading.
Never give up, never surrender.
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