Monday is key for the direction

FTSE closed below 5700. The low seen on Wednesday 17 November at 5660 may prove not to be the bottom of the current leg down.

From the July low the FTSE has risen from 4800 to 5400 in 18 days, consolidated for 5 days, then fell 300pts to 5100 over the next 12 days. The 2 leg took the FTSE to 5900 in 51 days, followed by 2 days consolidation, then a fall of 240pts over 6 days to the low on Wednesday 17 November at 5660. A 50% recovery will bring the FTSE up to 5780 before falling to a target 5540

Personally, I'm still looking for a bottom around 5540 on the FTSE and 1140 on the S&P500.

Looking at the 30minute charts, only  Japan is on  a BUY signal

Market	Date	Trade	Price	Stop	Target	10ema
ASX	09Nov	SELL	4760	4650	4600	4637
SSEC	12Nov	SELL	3110	2910	2700	2880
HSI	12Nov	SELL	24500	23700	23000	23500
N225	17Nov	BUY	9770	9975	11000	10115
FTSE	22Nov	SELL	5750	5800	5540	5725
Gold	12Nov	SELL	$1390	$1362	$1320	$1352
S&P500	22Nov	SELL	1195	1205	1140	1190