Geofftv1

FTSE - EW Ideas Please.

TVC:UKX   FTSE 100 Index
Sometimes the EW structure is NOT clear and in the case of FTSE             I am struggling to come up with a valid 5th wave structure from the end of Primary wave 4 Circle.
The light blue box marks the 5th wave structure so far with a number of possible trendlines marked. My own thoughts are that the current fall is the 3rd wave
in a downwards impulse that is not yet complete. If the major RED trendline is broken this may signal the bear trend has started?
If you have a valid EW structure that would fit in the light blue box please post this. Other thoughts welcome.
Note that the current 5th wave top of just under 7800 is just over 1.618 the length of waves 1-3 Circle, this is a common fib ratio.
Comment: With the drop below 7360 today I can now complete a rather choppy EW diagonal to complete wave 5. If correct the current wave down will be a 5 wave impulse which when complete will probably have a sizeable bounce before.
Comment:
snapshot
Thanks Geoff.... Thierry shares the same view that Wave 5 is yet to come. But we saw euphoria from Dec to Mid Jan where the markets just carried on up. Now we are seeing the opposite that it is tanking down. In my opinion at such extremes, technical indicators and EW or any other charting does not hold true.....Perhaps we are in the crash mode.....


We just need a few quite days of trading for market to adjust to some form of fair value to allow commencing further analysis.

In the near term, we should expect a bounce to relieve oversold levels but only those who dare to buy?
Reply
Geofftv1 VishalShah9
@VishalShah9, Vishal, see my post above on my current thoughts.
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Consider that you might have circled 3 in the wrong place, and it might be iii of 3. That is then followed by an irregular triangle for iv of 3. The actual circle 3 might be the peak at 7443 or the next one higher. Circle 1 times 1.618 suggests 3 should be higher. Hope this helps.
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Geofftv1 kunsan
@kunsan, thanks Kunsan, ill look at this possibility in more detail.
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