FTSE -16/22 November 2009 -
In my opinion until the session closes above 23,600 by the November 3 now may have been just a bounce motion required to download all neighboring oscillators' oversold. Friday, the index remained virtually crushed between two moving averages and have short exactly tracked the movement of 61.8% from October to November 3, max.
Almost all European indices have already drawn the left shoulder and a nice little head, missing his right shoulder.
The main doubt is cyclical in nature
From October 5 to November 3, a t +2 t +1 short or long?
A feeling I think at least a return on the time trend that supports the lesser of the price through November 3 at an altitude of 22,600 points. All the bearish argument goes down the drain with closure over 23,600, then I would expect at least a test of the maximum and simultaneously the long-term bearish.