I have always noted that the FTSE tends to follow the DOW but not always with the same EW count and structure? This chart show the relationship over 20 years including the last bear market of 2007/8 which was supercycle wave 4. Note that for Supercycle wave 4 the FTSE completed a zig-zag structure whilst the DOW made a flat structure finishing some years later, however for price measuring purposes the orthodox bottom of wave 4 in the DOW was same as FTSE in 2003. Moving on to the final wave 5 FTSE has traced out an ending diagonal which has a throw over top and DOW has traced out a normal impulse wave. Looking forward both FTSE and DOW are very,very near a top at Supercycle degree which if correct will lead to large falls over the coming years. Hope this is useful. Good Luck
Thanks for posting your recent charts Geoff including this great one.
There are so many reasons to suspect the top could be in very soon, my favourite being the top of the long term elliott channel since 2009 being hit.
It will be interesting to see how the reduction of Q.E. affects the markets (the reduction began in October I believe.
Paul
Geofftv1
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@Chiefstorm, thanks Paul, although I have posted a few alternatives the one thing in common is the channel top from 2009. I think FTSE will follow the US markets, keep a close watch this coming week.
Chiefstorm
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@Geofftv1, Thanks, I will be watching this like a hawk!
There are so many reasons to suspect the top could be in very soon, my favourite being the top of the long term elliott channel since 2009 being hit.
It will be interesting to see how the reduction of Q.E. affects the markets (the reduction began in October I believe.
Paul