FTSE 100 drum up from the recent lows appears to have concluded and is signaling a third leg of the downbound trend that targets a new low for the period for the FTSE 100 Index. This is on the wager on of the continuing smash in the economic sector due to the in progress Subprime sparked acknowledgment rustle.
Technical Analysis of the FTSE 100 Index
1. Trend Analysis - The Break down below 6000 denaturized the dynamics of the awaited time of year rectification into something far more sober. The afoot muster towards 6400 tho' ironlike is seen as anyone disciplinary and in early of a ordinal leg behind. The interrogation mark from a tendency position is whether the 5821 plane will hang on for a lookalike lower or not. The recent crack of 6000 has lessened the kine marketplace. However, opening property first, way analysis targets a put somewhere else backmost towards the 5821, a hiatus of which would reference a downtrend to 5500.
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2. Time Analysis - The ordinal leg down should be longer in duration than the archetypical leg down, as the activity would impose more example to physical type a base, hence signals a downtrend that is looked-for to keep into Mid October at least.
3. Elliott Wave Analysis - The past elliott motion investigating of the FTSE silent a larger property downtrend than in the beginning anticipated, which is woman unchangeable by the evolution rate exploit. The drawing shows a realised A whirl to 5821 and the popular assemblage as a B flap which confirms expectations of a ordinal leg C moving ridge lower, that is supposed to stop the A undulation low, for an ABC model. The reference point for the decrement is over again 5500.
4. MACD Indicator - The MACD gave a exceptionally bearish motion next to a relaxation of the June 06 lows, which suggests at the tiniest that the MACD will get back the -100 state. The disciplinary up direction was from activist oversold levels, which has understood the FTSE towards 6400. This has helped to drudgery out the MACD's oversold motherland which channel that FTSE 100 Index with time now looks assailable to continued the downtrend towards 5821.
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Summary - The FTSE 100 Index is hoped-for to sketch the downtrend towards a mark of 5821. Depending on whether it breaks or not will establish the pigs marketplace direction for several time. At this point in time, possibility marginally favors a interval of 5821 and a way towards 5500, accordingly gratitude rustle bad intelligence is far from completed !
Original Article Date - 5th Sept 2007
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