UK100 trade ideas
FTSE EyesThis is a deduction drawing using the previous highs and lows to create something that might make sense. Potential support and resistance shapes from which the price might bounce again.
A machine learning instrument (AI) would probably detect these math equations and have an eye for the potential future bounces. Traders are usually busy trying to identify flags, channels, and other simple patterns. There might be some intelligence behind the noise that we perceive on the charts. There might be more math than randomness. Doesn't necessarily matter. This is just an experiment.
FTSE Elliott Wave Analysis Higher Timeframe (29/07/2023)The pullback in the higher timeframe is ongoing. We had 5 waves up as an impulse in the weekly and daily. Investors should wait for the completion of the pullback to buy. Traders should analyze the lower timeframe. There might be a good short opportunity next week.
FTSE Ahead of a major bullish break-out.The FTSE 100 Index (UK100) is consolidating above the Support of the 1D MA200 (orange trend-line) with the 1D RSI at 66.250. This is the symmetrical level is was trading at during the November 04 - 09 2022 consolidation. Both near the 1.5 Fibonacci extension level.
That fractal eventually broke upwards, hit the Lower Highs trend-line (the dominant Resistance) and extended to Fib 2.0 even marginally surpassing the Resistance of the last Lower High.
We are going long on that buy signal and target the 7900 (Fib 2.0).
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UK 100Buy setup on UK100 following a break of a strong daily resistance leading to the continuation of the larger buy trend.
FTSE Elliott Wave Analysis Higher Timeframe (22/07/2023)The pullback in the higher timeframe is ongoing. We had 5 waves up as an impulse in the weekly and daily. Investors should wait for the completion of the pullback to buy. Traders should analyze the lower timeframe. There might be a good short opportunity next week.