cable...

To my untrained eye.. this looks like previous charts ..if right this could see cable test the lows again..and possibly lower

LONG TERM...

http://iberianviews.blogspot.com/2009/06/daily-and-monthly-view.html

so caution is warranted if long ..and sell any strength shorter term...

cable also strongly correlated with crude oil..and crude oil correlated with equity indices

FTSE not there YET!

Today's strong showing in European markets... (FTSE + 2%, DAX +2.2%)...but look at chart..NOWT has changed ..as yet..

FTSE needs to clear 4520 with some force, to avoid a false break higher...

DAX needs to clear 5170...

UNTIL then we are at the TOP of the recent range in the FTSE.....

DAILY and MONTHLY view

STEP BACK TO SEE A CLEARER IMAGE!!!!

DOW:Above 200 ma (just)...also above down trend channel

resistances at 9140, and 9460 (38.2 % retrace of fall from all time highs AND trend resistance from monthly..see below)..

INTERESTING on the monthly chart we can see CLEAR 3 waves ONLY...mostlooking at completed 5 waves so we couldget a wave 5 down to new lows.

FTSE: accumulation or distribution...??

Looks like even tho rally is getting long in the tooth one more burst up si possible before a meaningful correction of the rally from March lows...whether that means NEW lows we have to see...

DAX: Look at monthly charts, also LOOKS like we have had only 3 waves down so far....is the longer picture TELLING US SOMETHING?