Morning update

Just a quick update. The FTSE set up both a long ambush trade and a short ambush trade this morning:

• At open, it popped up on support at 4070 area, which was a level touched before market close on Friday (4070 was also an ambush from the 4040 support and 4114 high that developed Friday morning).
  
• An ambush short area from Friday's highs developed, although it was quite wide and slightly broke off the 78.6% retracement from 4120 to this morning 4070.
  

We also have this mini H/S formation seemingly setting up, but I am not a big fan of formations on short time frames.



I now have downside momentum building on intraday charts, as expected in yesterday's post. I am waiting to get a confirmation to go long as planned.