Are the markets losing faith on FTSE?

The situation looks very dismal for FTSE100 as since June's High, the index has been trading within a Channel Down that has already lost almost 50% of the post March gains.

Additionally, the MACD on the 1W chart just made a Bearish Cross. The whole sequence from start (Death Cross) until now, loos very similar to the 2008/2009 credit crunch. Have the markets lost all faith on the UK100 in order to push it to the 1.236 Fib as in 2009?

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