The London FTSE index is sporting a potentially very bullish 1,2,i,ii pattern, which could portend an imminent and powerful 3rd of 3rd wave breakout. As much as I have wanted to fill out the balance of my index positions on a sharp pullback, it is beginning to look like the breakout will be the setup to trade. It is possible that wave ii could move sideways for some time, but as long as the 3/31 low is not taken out, the pattern is valid.
Wednesday, April 8, 2009
Bullish FTSE
The London FTSE index is sporting a potentially very bullish 1,2,i,ii pattern, which could portend an imminent and powerful 3rd of 3rd wave breakout. As much as I have wanted to fill out the balance of my index positions on a sharp pullback, it is beginning to look like the breakout will be the setup to trade. It is possible that wave ii could move sideways for some time, but as long as the 3/31 low is not taken out, the pattern is valid.
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