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FTSE100: A Bearish Gartley Pattern Formed Within A Month To Threaten 5800.00 Over Four-Hour Interval.

Publish Date20/10/2012 01:38:25 PM

Last Update20/10/2012 02:01:50 PM

FTSE100: A Bearish Gartley Pattern Formed Within A Month To Threaten 5800.00 Over Four-Hour Interval.

 

 


After placing the significant top of 5932.00 on September, 14 the movements of the index have been dominated by a fine Fibonacci rhythmic that created a potential bearish harmonic Gartley pattern as follows:

 

 

 


 

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  • The AB leg represented 61.8% Fibonacci of the XA leg.
  • The correction from B to C has been limited at 78.6% Fibonacci of AB leg.
  • The PRZ- potential reversal zones- of the harmonic structure have been confirmed with a sharp decline from the lower top at 5900.00.

Actually, the reversal started between 88.6% and 78.6% of CD leg didn’t form an ideal pattern but the D point has met 127.2% Fibonacci projection of BC leg while the index has respected the golden rule of the  Gartley pattern via placing the B point at 61.8% of XA leg.

The first technical objective of the pattern at 38.2% Fibonacci retracement of the CD leg is under attack while MACD, AROON and RSI 14 continue to offer negative signs suggesting further debasement towards 5795.00 where the second targtet of the pattern at 61.8% Fibonacci of the CD leg exists.

On the upside , a break above 5900.00 will negate and give us a rational technical reason for concern.

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