On 12/30/16 the FTSE 100 (UKX) was the only major stock index to reach a new all-time high.
Additionally, UKX also hit a rising trend line all the way back to the major peak made in 2000.
The non confirmation and trend line hit are solid pieces of evidence indicating UKX is on the verge of at least a multi - week decline.
Another interesting aspect on the log scale chart is what appears to be an Elliott wave - Ending Diagonal Triangle (EDT) forming from the 2003 bottom. *see "Elliott Wave Principle" pages 36-38.
If so, it could be the largest instance of this structure in history, an amazing 14 years in the making.
It appears the EDT is still not complete. It hasn't reached its upper trend line - in blue, also the supposed Cycle wave "V" up from the 2016 bottom sub divides into 5 waves, meaning it is probably completing Primary wave "A" boxed of Cycle wave "V".
If this count is correct after a multi- week decline the UKX should have another rally to a new all-time high.
Mark
Additionally, UKX also hit a rising trend line all the way back to the major peak made in 2000.
The non confirmation and trend line hit are solid pieces of evidence indicating UKX is on the verge of at least a multi - week decline.
Another interesting aspect on the log scale chart is what appears to be an Elliott wave - Ending Diagonal Triangle (EDT) forming from the 2003 bottom. *see "Elliott Wave Principle" pages 36-38.
If so, it could be the largest instance of this structure in history, an amazing 14 years in the making.
It appears the EDT is still not complete. It hasn't reached its upper trend line - in blue, also the supposed Cycle wave "V" up from the 2016 bottom sub divides into 5 waves, meaning it is probably completing Primary wave "A" boxed of Cycle wave "V".
If this count is correct after a multi- week decline the UKX should have another rally to a new all-time high.
Mark