FTSE 100 - More room to grow than initially thought.
Updated
Although the British FTSE100 looks terrible, the bulls are doing a good job to pump up the prices for another -+10%. Fibonacci retracement gives us a minimum C wave of 6520 points and a maximum C wave of almost 7000 points.
Because the index is still trapped in a smaller bear channel this tells us we need to stay slightly cautious though. Naturally, breaking the support line brings us to scenario 2 which predicts a lot more downside and possibly the continuation towards a lower low than the March bottom.
The RSI shows divergence and is therefor in favour with the bulls.
Because the index is still trapped in a smaller bear channel this tells us we need to stay slightly cautious though. Naturally, breaking the support line brings us to scenario 2 which predicts a lot more downside and possibly the continuation towards a lower low than the March bottom.
The RSI shows divergence and is therefor in favour with the bulls.
Comment
Bad day for the market. Index is still in the bear channel
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