FTSE

Closed it at b/e (including 6 pip spread out of hours)first thing this morning as I had not sense that it would succeed.

pop !!

Here's the updated ftse chart from below....Triangle played out and hit close to 72 pivot....

72 key for ftse - watch the wedge forming.

dl.dropboxusercontent.com/u/40497882/Ftse%202hr_08May13.JPG





dl.dropboxusercontent.com/u/40497882/Ftse%202hr_08May13.JPG

Hi WS,

Haven't been following the indices much recently, but did notice this on the S&P daily this morning:



dl.dropboxusercontent.com/u/20815047/S%26P500daily08_05_13.gif

Top of channel so could be nearing the end of the move. There could be a false breakout to the upside here - sometimes happens at the end of a diagonal triangle - so tonight's candle and price action could be very interesting.

One thing to note, however, is that the move up from Nov lows has 7 waves to it. This suggests to me that there's one more correction (perhaps from this channel top) due and then a final rise to complete a 9 wave sequence which would be exactly right for an extended wave 3 (of 3) which, if I'm not mistaken, is where we think we are?

ATB.

Hi J - good spot but then again you got the skillzzzzz yes one more pullback to test the 1598-1605 (mini 4) area then one final rally to complete 3 - spx needs to stay below 1625 and take 1614 for lower targets, there are -div appearing also.

should that pullback occur (i think it will) and then reverse from the lower range abv then final rally a mini5 could end @ 1625/28, a close abv then it could head to the next pivot of 1668 +- 7 points.

expecting a minor correction after that to approx 1575 > 1550-34 also.. note the low of the flash crash a few weeks back 1563....then another final pump to previous high or slightly higher high (or truncation) then a major correction mid june imo going into the summer months....

the bull is strong.

rgds WS

Is the 5 min chart going to give us an early indication of retracement/downside ????

www.dropbox.com/s/kb6ky02131wekjs/FTSE%2...0-%205m%209.5.13.gif