FTSE, Footsie update

ftse 28 june 2013

See our most recent blog on the FTSE. The argument was that 6000 would be critical. As it happens the index’s slide of almost 13% in a single month found a bottom and regained it regained its  composure, for the moment at least. The drop is a rather clear 5 wave move so a rebound is not that surprising. After an a-b-c wave 2 to about 6400/6500 the slide down should resume. The 5 wave initial move is clear in the FTSE but not in all indices so this interpretation could be incorrect. The DAX has an equally clear initial 5 waves down, but the DOW looks more like a corrective a-b-c! see below;

djia june 28 2013