FTSE Update:

TVC:UKX   UK 100 Index
Following on from my previous FTSE ideas it was nice to see a textbook H&S followed by a steep drop , Hope you caught this!
FTSE looks to have completed minor wave 1 &2 blue of intermediate wave (3) and preparing for minor wave 3 blue. If correct
this will be a steep drop . Good Luck
This count seems to be playing out nicely Geoff, September and October could be interesting months this year.
Also of interest could be the ' Line ' forming since May in XUKS a FTSE Short ETF (Weekly chart shows it clearly) , this coupled with a positive divergence in the MACD indicator may be adding some more evidence for this count.
It would sound reasonable for short instruments to be gaining in strength as the the markets falter, early days of course.
Geofftv1 Chiefstorm
@Chiefstorm, thanks Paul, I have positions in XUKS and SUK2 which is a levereged 2x short etf.
If my count is correct the fall will accelerate next week , however given the choppy overlapping waves I will also consider the possibility of a leading diagonal. If this is the case FTSE will bounce back up into the wave (2) area. Good Luck
Chiefstorm Geofftv1
@Geofftv1, I too have a position in XUKS which is right at the top of it's range since May of this year 391p.
If it can push above this range then things would get mighty interesting.
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