Geofftv1
Short

FTSE Update:

TVC:UKX   UK 100 Index
Progressing my idea from Sept 7th FTSE may have completed wave (4) and starting wave (5) which may
finish at 7204 (138.%fib) OR 7135 (162%fib) Good Luck
Geoff,

Would you please update your opinion on the FTSE , when possible.

Contrarily,
A fellow tradingview.com contributor has a very bullish opinion on the FTSE right now looking for 8000 by October.
I-Shares UK ETF EWU has built what could be a bullish cup pattern in place, waiting possibly for the handle,on the next decline.

Thank you,

THE_UNWIND

Reply
Geofftv1 The_Unwind
@The_Unwind, Yes, I have seen Marks posts on FTSE but I still hold my view that the top is already in place.
Below is the monthly chart I work with and the ADR, Momentum graphs. These are clearly bearish and especially
into wave 5 of this long ending diagonal. Note the pp and the large number of reliable touch points of the top
trendline. Past history suggests that FTSE turns before the US indices which may be at an all time high soon on
very bearish indicators! October has been a volatile month in the past and I will be watching developments like
a hawk and especially the Nasdaq100 which may lead any decline.

Regards Geoff



Reply
Geofftv1 Geofftv1
@Geofftv1, Here is my short term chart, the recent rise has violated my previous idea somewhat BUT not completely.

It is still possible that FTSE is in wave 3 down but more likely a leading diagonal, if 7508 is broken this will confirm!


Reply
I hope it gets there to the 5th wave then
Reply
Geofftv1 NabeelKhan
@NabeelKhan, 4th waves are often complex like this one.
Reply
That was not a falling channel
Reply
Geofftv1 Zolchello
@Zolchello, yes it us, it is the x leg of a double zigzag.
Reply
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