This chart idea has FTSE finishing a truncated 5th wave in 2007 and the 2008 crash being wave A of an expanded FLAT with wave B finishing at 1.272 wave A (common ratio) in July 2017 around 7600. If correct FTSE is now starting wave C which will be a 5 wave impulse down finishing below the start of wave A !! Note the continuing divergence in RSI. I hope I am wrong on this (my pension is in FTSE) but after many months examining the UK & US charts along with noting the EW theory put forward by Robert Prechter (EW International) this year may mark the start of a major decline. Good Luck.
@Geofftv1, good entry point.... although defying gravity this and the rest of the indices! Just too many stubborn bulls out there....
Personally, I still believe 7600 was the top. I know you where questioning last time around. But with GBP/USD free falling, I am not too sure.
Geofftv1
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@VishalShah9, Yes, I think 7600 was also the top and although I note that GBP/USD does have an effect I think the US indices will have a much bigger effect when they
turn. I subscribe to EWI and they believe the top in the US indices is very,very close if not there already!
Chiefstorm
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Thank you Geoff,
I have personally gone mostly into cash at this time, I figure an 8 year Bull Market run is pretty long by historical standards.
Of course it may continue longer but I'm happy to wait for a better buying opportunity.