Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

UK100 (FTSE) Analysis & Trading plan - 8 August 2024

8 Aug 2024 · 1 min

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1:14

Vladimir Ribakov breaks down a bearish setup for the FTSE 100 using daily, 4-hour, and 1-hour charts. The daily shows three lower highs and lows with a broken corrective wave. On the 4-hour, MACD divergence signals weakness: price made higher highs while MACD made lower highs, then lower lows. Sellers should regain control if the pullback respects key Fibonacci levels.

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Here is why I believe the FTSE 100, the UK 100 index, is going down. On a daily chart, bearish price structure— 3 lower highs, lower lows, followed by 2 corrective waves. Since then, the corrective waves movement is broken down, and here is how it looks like on the 4-hour chart. The corrective move we just spoke about Finished with a bearish divergence. While the market made the higher highs, the MACD moving averages made lower highs. Since then, lower lows on the chart, lower lows on the MACD histogram to complete a bearish convergence. The bearish convergence is also supported by bearish price action on the one-hour chart: three lower highs, lower lows. I do not expect any significant rallies from here, and as long as these Fibonacci levels that are now being tested after. after this pullback hold, I believe the sellers will take the control from here. Share your thoughts in the comments.