Tuesday, May 29, 2012

FTSE ~ Update ~ 29 May 2012

A reader asked me whether I could count the FTSE. I tried to do so this morning and many overlapping waves made it actually very difficult to find a nice count.

Below is a bullish possibility which is similar to my bullish SPX count. If we don't decline below last week's low and rally from here then we might see a very bullish second half of 2012.

If the lows don't hold and the FTSE drops further and even below 4800ish things could get bad very quickly: