SAMT Blog
FTSE: important trend line and Butterfly pattern to monitor
21. August 2023, by James Touati
Technical Analysis, Wolfe Waves, harmonic patterns
This Monday, James D.Touati alias Mister Wolfe waves shows you a bearish Wolfe wave pattern, some harmonics patterns, and a bullish Butterfly pattern on the FTSE index, and target estimations.
At the time of writing that publication, the FTSE had closed around 7500 (Graph 1).
So let's look at the chart of last week in detail, and you will be shocked by this bluffing technical analysis:
As you can see a Wolfe wave has been detected daily , and "number 5" is inside the "overbought zone". Furthermore, the price is on an important trendline who is a strong support. If we have a breakout, we can go lower.
Now we are on the PRZ of a bullish Butterfly pattern (last green harmonic pattern on the graph). Then a rebound is possible , and we can have a double bottom. To monitor!
NB: Don't forget that with harmonics, the proportions are often a bit different in real trading. Don't be too academic. ;)
Stay safe, and enjoy your trades.
For more details, you can contact me here by email, or on the following networks:
LinkedIn: http://linkedin.com/in/james-d-touati-941a8ba6
Tradingview: https://fr.tradingview.com/u/james-samt/
Disclaimer: All methods, techniques, charts, analysis or results presented in this SAMT Blog are for educational purposes only. The information provided should not be construed in any way as a recommendation to buy or sell any financial instrument. You should always consult with your licensed financial advisor and tax advisor to determine the suitability of any investment to your particular financial situation. The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity. SAMT and its affiliates, directors or agents will not be held liable or responsible for your investment decisions.
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