FTSE 100:UKX On Critical Support: Key Day Ahead Monday

FTSE 100:UKX Critical Support and Key Day ahead for FTSE
At the beginning of the year FTSE was forecast to hit the
upper parallel and a maximumhigh at 7818 before coming off
again. It duly hit the upper parallel spot on butthe high was a
few days earlier than anticipated and the eventual high was
reached at 7778, some 40 points shy of maximum likely near-
term upside. Since then it's fallen all the way back its start
point for the year. Up 10% and back down 10% in 6 short
weeks. The action looks unlikely to stop now. In fact it could
be just beginning. Probably the greatest trader who ever
lived, WD Gann , told us to measure time cycles from high to
low and low to high as well as high to high and low to low and
look for potential changes in trend as these hiddden cycles
repeat themselves down through time. Previous cycle highs
identified the exact date of the high in 2007 as well as the
subsequent high reached in April 2015 just at the point that
markets began a 10 month 20+% correction (for more details
please PM) . This cycle marks the period from 10.03.09 major
crash low through to the next major cycle low on 06.03.09.
From major cycle low to low is 9 years ...which now brings us,
after a 9 year long bull run, to the coming 23 to 27 days,
culminating in the anniversary dates between 3rd march and
10th March 2018...
FTSE is already teetering on the brink of critical support at
7092. It has to cling on here on Monday for any failure will tip
this index into bearish territory and trigger a short back
to 6868 at least - and then if this level in turn gives way back to
6680-6637. Beneath here the next major support potential
lies at the lower parallel and below here at 5777.
So if 7090 gives way on Monday by more than 10 points look to
short this index with stops above 7099, targeting 6870
initially, then the 6680-6637 range if 6860 fails to hold during
Monday. It's quite probable that should 7090 fail come Monday,
this Index will fall away in stages to test the lower parallel at
6004 on around 5th March - and only then bounce away to the
upside again.This will present some wonderful shorting
opportunities along the descent. However, in the very near
term it's likely that contrarian traders will look to go long
here, simply because the stop is so close (20 points away
maximum now) but ready to reverse short as above if 7090
gives way by more than 10 points. Time, as always, tells.
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