Not too different from the FTSE100 post. Price is at the top end of the daily, weekly and monthly range channels. Buying at the daily range low if My-Wave stays formed to the upside at daily range lows and selling the top of the daily range if My-Wave is formed downhill is all we can do. For nor now, I think the weekly range low and monthly trend line at 13600 is a good shorting target initially and then down into the monthly FLD 'trough', following its cut in the January, and the monthy range channel low near 13000. Given this grind higher, I would have thought any move to the weekly range low would be strikingly different visually. We shall see.

My-Wave had to turn over to get an upside formation this time around and the daily range low at 13813 should see My-Wave and the daily pivot cracked for a bit. Holding this formation seems to be the problem through the SMI cycle of course. The technique for an elegant entry (covered a few times this weekend, if only for my own benefit!) is to see the My-Wave stay in formation when the SMI cycle reaches either over bought or over sold. If this co-oincides with a daily range low or high, then there should be a good risk reward. For now, I await a downward formation to hold and that means staying on the side lines at the moment.