Markers surged yesterday after the release of the latest nonfarm payrolls report (NFP), the numbers were better than expected. As it is often the case people look at the numbers and buy without asking any question.
If you follow the crowd and bought the FTSE 100 yesterday, today your long position would be in a loss, the FTSE is declining today. If you study Elliott wave analysis or if you follow my advice, you would have waited before buying. Let me explain.
The Elliott wave pattern on the FTSE is a move up in three waves [(a),(b),(c)], wave (a) is an impulse wave and wave (b) is in three waves which is textbook. Therefore I expected another rally in five waves but with a higher target than yesterday's high. This means an extension [i,ii,iii,iv,v] inside wave (c). There was no reason to buy yesterday because I expected a pullback today for wave ii. Wave i ended this morning at 6262, the current decline is wave ii. This should be followed by a rally on Monday for wave iii.
Elliott wave analysis gives you an advantage, if you know where you are in the wave count you buy at the best level. I can help you with the levels.
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