My recent long term post has FTSE in wave V of an ending diagonal starting after the 2008 crash. This 4 hour chart shows wave C of this final wave V reaching for the red long term trendline. If correct this current impulse wave has an extended wave 5 which should reverse very quickly at or around 7847 which is 1.618 waves 1-3 and very close to the trendline. Momentum has been weakening since wave 3. Good Luck
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FTSE has hit the long term trendline and the parallel trendlines from waves 2-4 extended to waves 3-5. Maybe a throwover will occur?
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FTSE has rebounded off both sets of tramlines and maybe starting a fall. If correct wave 5 was extended and these waves usually retrace sharply back to the area of the 2nd subwave of the extension. Good Luck
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FTSE has clearly broke the bottom trendline and is now in minute wave 4 circle.
Nice work Geoff, as the FTSE 100 has just made a new all time high I would imagine this event will cause some increased buying, of course this impulsive buying would then likely cause the throw over that you mention above.
I would not at all be surprised to see some level of throw over, also this would give the U.S. markets a little more time to thrust out of their possible triangles.
Lets see how it plays out.
Paul
Geofftv1
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@Chiefstorm, thanks Paul, i think the rest of this week will set the scene.
I would not at all be surprised to see some level of throw over, also this would give the U.S. markets a little more time to thrust out of their possible triangles.
Lets see how it plays out.
Paul