The FTSE 100 has pretty much followed our projection for the first part of January and is now turning down as expected. If we get a strong down day today then we would expect this move to continue for a couple of weeks. This would be in line with our analysis and also with most previous moves on the FTSE 100 where it has ‘popped through’ the upper Bollinger Band.
The question is how far down will this index go? There is still no real evidence that a market top is in place and our current calculations show that zone (2) may be too low to run our current short to – so the (ALT) position on the chart below could be the best area to exit any shorts.
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