FTSE (UK100) Weekly update: Bat or AB=CD?
This week's candle started off bullish but turned into a decent bearish candle...
Close to possible support now. Short-term longs if confirmed on smaller TF's...
On this TF it's all about the Brexit referendum which could cause quite a stir...
Levels to watch:
To the downside: A break below support could bring us to a C leg of a possible Gartley or bat pattern with a re-test of the broken 'down' trendline (watching the BB also...), but it's way too soon to tell...
If the down move is stronger we could also complete the bullish AB=CD at 0.6181 of the large monthly up move and possible support area around or just below the 5000 round level...
To the upside: If we get a bat/Gartley C and reverse we could be looking for a nice short close to the 7000 level and previous resistance around the all-time high...
My bias is short on this TF..., Referendum polls are pointing to a 'Brexit'...
Close to possible support now. Short-term longs if confirmed on smaller TF's...
On this TF it's all about the Brexit referendum which could cause quite a stir...
Levels to watch:
To the downside: A break below support could bring us to a C leg of a possible Gartley or bat pattern with a re-test of the broken 'down' trendline (watching the BB also...), but it's way too soon to tell...
If the down move is stronger we could also complete the bullish AB=CD at 0.6181 of the large monthly up move and possible support area around or just below the 5000 round level...
To the upside: If we get a bat/Gartley C and reverse we could be looking for a nice short close to the 7000 level and previous resistance around the all-time high...
My bias is short on this TF..., Referendum polls are pointing to a 'Brexit'...
