FTSE update (from yesterday,due to technical problems)

ftse jan 31 2014

A quick update on the Footsie.  After trying for eight months this index was unable to breakout to the upside. Just to irritate everybody no end it did manage to come within eight points, but that just doesn’t do it. Now we have broken down conclusively (overnight) below the lower trend line and the speed at which that was done is rather impressive. So we will continue with our view that wave 1 down occurred back in May and June of last year, and that the rise back up is a wave 2. We are now in wave 3 down and looking at the RSI and MACD, probable about to complete a minor first leg. After a bounce for a week or so starting anytime now a wave 3 of 3 will start (or another 1-2 of a lower degree). The speed at which this will drop should accelerate noticeable.