Still 50/50 with which way this is going to go, at the moment on the 5 minute scale, its does seem to favour the bears because of the way the chart pattern is playing out
We've had 5 waves up from the bottom, the a 23.6 retrace, back up to the top, then it looks like its gonna turn down and test the 23.6 area which would create a flat. Flats normally occur in Wave 4 positions, so the more we drag on across, the more this is going to look like a B wave of a 2nd wave zigzag
A=C and we get 5255 which is around the 61.8 mark for the retrace of the drop
Ok ive got my calulations wrong here as kindly pointed out by Theoryman on the FTSE 100 Discussion Board. A = C is 5275 not 5255, sorry my maths has never been that good :-(
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