We are still red on the PTS so we assume that price will meet it’s next target. However, with momentum on the Storyteller rising we could see a rally at any time. If short trade stops.
On its way down to its next profit target.
Trend Predictor weekly short signal is still in play here so we could see some down side action.
24,000 is holding as we do this newsletter. If we break support and close below this big round number then we could see a swift move to the next PTS target. Which ever way you look at this we have now entered a wave 3 downturn.
The FTSE chart is simple. We are holding the Money Line support at 7484. If we break here we will enter into a new bear market. FTSE has been one of the strongest indices.
We are very extended and with 90% bear sentiment we could see a move higher any time. Who is left to short?
We could still be in the begining of a wave 3. Nothing has changed since Tuesdays update.
From a bearish divergence signal on the weekly time frame the 240 min chart has now enterred a 5 wave decline. 6939 is the daily target on the PTS.
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