FTSE forming a Gartley pattern
Figures assume a bearish Gartley formation. It may be a Crab pattern which will only become clear if the 1,618 level is taken out. If support at 3855 goes then the pattern is void.
DOW next move should become clear
[23/10/08] Came under the 8550 level and turned around again. Not clear on direction yet.
usd/cad - approaching a retrace level
[23/10/08] 1 hr chart has now gone over the 4.236 level (1.2568) reaching 1.2597, first retrace now is 1.2568. then 1.2205
Next level up is 1.2861
eur/jpy oversold
[23/10/08] 1 hr chart dropped to the 2.618 level, held briefly and fell again. Didn’t quite reach the 3.14 Fib. Need to find hourly support now above 125.00 otherwise a restest of the low and probably 122.23 would be in play. 0.382 off the low = 129.19
[23/10/08] daily chart dropped to between the 3.14 and 3.618 Fib. A restest of the low and probably 121.36 would be in play if it turns down again. 0.382 off the low = 136.17
For the 1 hr and daily, taking out the overnight low should see a drop to 122.23 - 121.36 zone.
