Yesterday's idea is still in play, however if we don't sell off as expected today between the 4370s and 4390s, there is still the possibility that we might get a higher ambush short opportunity. Below is an intraday charts: please see the the 50% to 61.8% retrace from the highs in the 4520s to the lows in the 4290s: this ambush short is between 4410s and 4430s.
That said, I'll be watching the 4 hour intraday charts to see if momentum shifts completely to the upside: as I said in this past weekend's wrap up I was expecting the FTSE to top between 4500 and 4600, and the event of a run higher would not take us above the 4800-5000 area. The market does what it wants: if long term momentum shifts back to positive I'll be following along.
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