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.
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.
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