Hi Geoff, I believe that normally intermediate wave 2 would make quite a large retrace of intermediate wave 1 to perhaps the 0.61% Fibonacci level, however, because the U.S. markets are in intermediate wave 3 (normally longest and strongest) is this why you are expecting a rather shallow retrace on the FTSE?
It would certainly make sense to me.
Happy Christmas and thanks you for all the work you put into this, it's really helpful.
Paul
Geofftv1
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@Chiefstorm, Thanks Paul, you are correct that normally wave 2 retraces a large proportion of wave 1 and you have read my mind on the current retrace possibility given the US market wavecount.
Have a great Xmas break and whilst I will continue to post when i think my thoughts are constructive.
GEOFF
Chiefstorm
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@Geofftv1,Thanks Geoff, this time around it seems that the U.S. markets are leading and the FTSE is following:
U.S. in intermediate wave 3
U.K. in or about to start intermediate wave 2
A lot of Bullish projections are being truly tested now including the Santa Claus rally which normally works like clockwork, as a point of interest a massive red flag for me was earlier in the year when the Dow made it's biggest one day point loss.
If that's not a warning to be cautious I don't know what is.
Paul
It would certainly make sense to me.
Happy Christmas and thanks you for all the work you put into this, it's really helpful.
Paul