Hello all, Below you are able to find one, of the many, updates that we at TripsTrading provide on a daily basis. Have a look at our site www.tripstrading.comand see the content yourself. (1 months free trial membership). We are transparent with our returns (861% since July 2014) and call and show every single trade we do. Here is the FTSE update of 08-Sep-2015: (so you can expect what our updates look like) SEP 08 The FTSE moved sideways last week. The closes were mainly in the middle of the day, which left us with no hammer candles, which otherwise could have set a direction. Pattern of price: Based on the Lower High, Lower Low sequence the logical conclusion is that we are still in a down-trend. This sequence will be broken when we see an new high closing >6.745, or a new low closing >5.999. The FTSE is moving sideways between the support at 5.999 and the resistance at 6.249. As there is no clear sign of a triangle, hammer candles, etc. I believe that it is best to wait until we either get two consecutive closes above 6.249 or two consecutive closes below 5.999 to see whether an up-movement or a down-movement will likely become dominant on the short-term. Elliot Wave Count: I think we are either riding Wave 1 up, or Wave C-iv up at the moment (Wave C-v when we break the 5.999 support level). I added the yellow numbering of the C Waves for your convenience. RSI: The RSI still resides within the downward channel that has been formed at the end of Wave 5. An close above the resistance line would break this trend. And close above 56.06 would set a new Higher High on the RSI which would also be an indicator that the FTSE may seek higher levels. When the FTSE sets a new bottom <5.999, but the RSI sets a level >13.95 then a bullish divergence will form, which is also an indicator that the FTSe may seek higher regions. For now the RSI is still bearish. CM Williams Vix Fix: In the previous update the Williams Vix Fix signaled a possible bottom or slowing down of the downward trend. I think it turned out to be the latter. No new short-term bottom is hinter by the Vix Fix, which is to be expected as we had a sideways movement of the FTSE last week, those are very unlikely to trigger the Vix Fix. Resistance levels: 6.190 / 6.249 / 6.389 / 6.467 / 6.532 / 6.744 / 6.847 / 7.080 Support levels: 5.999 / 5.643 Conclusion: The market does not provide any coherent signals that the FTSE will seek higher or lower levels in the upcoming week. For this reason I liquidated my personal long position at break-even and I will wait until the FTSE sets two consecutive closes above 6.249 or two consecutive closes below 5.999. From that moment on I will re-evaluate the market and see whether an position can be taken. I will inform you when I see one throughout the coming week. I wish you all a pleasant week ahead!