Is the FTSE 100 about to turn or is there still more upside? The FTSE has moved nicely up to our short entry zone and has been sitting within it for 10 days. We are now at the point where the FTSE 100 should move down towards zone (2) within the next 2 sessions to keep the structure of our forecast alive. For this reason we have entered a short position at 7540 (see Twitter and our homepage).
Failure of the FTSE to move down could result in it meandering up to zone (3) in March.
We also need to keep an eye on the strength of any downward move. Underlying strength in the markets means the FTSE 100 could find support much higher than zone (2). This could occur around a confirmed trend line at around 7230 and 7250. Watch for this in late January to early February as such a move could propel the FTSE 100 Index to a target higher than zone (3).
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