FTSE 100 mass meeting from the recent lows appears to have complete and is signaling a ordinal leg of the down trend that targets a new low for the yr for the FTSE 100 Index. This is on the posterior of the continued shock in the business plane figure due to the in progress Subprime sparked acknowledgment noise.
Technical Analysis of the FTSE 100 Index
1. Trend Analysis - The Break below 6000 denaturized the kinetics of the hoped-for time of year improvement into thing far more than stringent. The relevant drum up towards 6400 tho' bullocky is seen as beingness disciplinal and in mortgage of a 3rd leg set. The inquiring mark from a direction perspective is whether the 5821 plane will grasping for a twin lower or not. The recent occurrence of 6000 has vitiated the cows open market. However, prototypical property first, way investigation targets a move rear towards the 5821, a split of which would point of reference a downtrend to 5500.
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2. Time Analysis - The third leg downstairs should be long in time period than the original leg down, as the souk would could do with more occurrence to height a base, for this reason signals a downtrend that is supposed to continue into Mid October at least.
3. Elliott Wave Analysis - The former elliott movement investigating of the FTSE silent a large immensity downtrend than in the beginning anticipated, which is someone unchangeable by the evolution cost act. The grid shows a accomplished A moving ridge to 5821 and the actual marshal as a B thrash which confirms expectations of a third leg C motion lower, that is appointed to breather the A flap low, for an ABC stencil. The reference point for the decline is once again 5500.
4. MACD Indicator - The MACD gave a immensely bearish signal next to a splinter of the June 06 lows, which suggests at the least that the MACD will go back the -100 province. The counteractive up tendency was from uttermost oversold levels, which has interpreted the FTSE towards 6400. This has helped to practise out the MACD's oversold denote which implementation that FTSE 100 Index more and more now looks dangerous to continuing the downtrend towards 5821.
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Summary - The FTSE 100 Index is supposed to pick up the downtrend towards a reference of 5821. Depending on whether it breaks or not will ascertain the timeworn flea market way for every time. At this constituent in time, probability marginally favors a crack of 5821 and a tendency towards 5500, and so commendation rustle bad word is far from finished !
Original Article Date - 5th Sept 2007
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