Dear all,

I thought today, a key reversal day on the FTSE, after a Fibonacci Classic thirteen day sell off was a very good time to start some Candlesticks commentry on the FTSE 100.



We have a a thirteen day sell off, the longest continuous down day period since 1947, followed by a clear hammer bottom reversal, from L 3391.50 to H 3493.70, an intraday swing of 102.20 points, hammer reversal point 33.33% head/66.66% tail required, original run to 3490.70 fading at peak 3493.70 dutifully turned towards close at 3457.60/3459.62 area, hammer neckline, closing at C 3483.80

Hence:-

Head = H 3493.70-C 3483.80= 9.90 points
Tail = C 3483.80-L 3391.50=92.30 points

Previous day a bullish Long Legged Doji Formation indicating upcoming reversal, followed by strong hammer bottom, verging on dragonfly doji reversal, ie very bullish.



What we hope to see is a hammer bullish engulfing formation tomorrow in order to confirm this bullish reversal of the trend.

Cheers

Ashley

Nasty head and shoulders on UKX target length of neckline approx 3738.50 less 3714.50 ie 24 points off right shoulder at 3730, ie 3706.00 IMHO



Edited:- should be 24 points drop from neckline to 3689/3690 area.

Bull Manana IMHO

Night all

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