The following two charts are the Dec contract of the FTSE -One a daily and one a 240min . The yellow up sloping fork should be watched closely as there is still no touch on the CL ( i have also checked this in E-signal and Ensign) so any sharp movement downwards would confirm a failure. However, this is all tempered by the fact that there are at least two forks where price has not reached the CL and has remained on or near the UMLP and could accelerate through upwards. The bottom line here is that any breach down through the thick green CL ( 240min chart) would give great cause for concern and we also know that there is stubborn resistance above the current market. Overall i still favour the upside but it is always wise to be aware of potential weaknesses.
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