Since may last update FTSE has chopped up and down like a yoyo with no clear direction.
Given that the recent waveform does not appear impulsive and is full of overlaps my
best guess is that this is a corrective wave and there is one more leg up to go.
The 61% fib at 7273 and the 78% fib at 7347 are likely targets.
FTSE could not pass the 50% fib retrace level and has now broken under the lower trendline, kissed it
back and fallen away in wave iii pink.
If correct this complete wave 1 blue of intermediate wave (3) black which should eventually take FTSE
well below 7000.
Well, FTSE still seems to be correcting the previous impulse down and the correction now looks like
a DZZ, W,X,Y.
At 7374 FTSE will reach the 50% fib point and Y will be 1.618 *W which is a common ratio.
Momentum is still diverging and showing weakness.
Updating my chart from 20th August which saw FTSE starting and A,B,C correction after completing minor wave 1 blue.
The B wave of this correction was very deep and complex but the C wave may now be nearing completion with the upper
channel trendline at 7260 Or the fib 38% retrace at 7290 being possible targets.
If correct FTSE will once again fall (perhaps hard)...
Just back from holiday and pleased to see that my Aug 8th chart target was met and slightly exceeded!
FTSE is now in a corrective wave A,B,C which may terminate at the 38% fib or 7290 in the next few days.
FTSE finally completed intermediate wave (2) black one wave higher than my previous posts.
Minor wave 1 blue is nearing completion and I have zoomed in to the 15 minute timescale
to check a more difficult EW structure.
If correct the current bounce is minor wave 4 blue taking the form of a FLAT
which should complete soon.
Minor wave 5 blue may take FTSE down to...
If my EW count is correct DJI is in the process of completing a wave 4 correction.
Wave 3 was 2.618 X wave 1 and the correction may close the gap to reach a.618 retrace
at the upper bold red line.
The lower bold red line is the .786 fib of the prior impulse which would be a possible
candidate for wave 5 and would close one of the other remaining downside gaps.
FTSE continues to oscillate sideways since the beginning of July around the lower main trendline
but below the 78% fib retrace.
This pair of trendlines is anchored with a strong PP and accurate touch points.
There is a gap which may be filled early next week and I will be watching for a break of the
red trendline to signify a more concentrated fall.
My previous FTSE idea was voided and instead FTSE rallied to the 76.8% fib of the previous high with
a DZZ W,X,Y correction.
Looking again at the daily chart FTSE retreated from the 76.8%fib on momentum divergence which may
signal a change in direction is imminent.
Look for a break of the lower red trendline to confirm.
Previous contributors have suggested that SPX is in a large expanding triangle. I agree with this analysis
and if correct wave D may be nearing completion.
Wave D looks to have taken the form of a DZZ X,Y,Z with wave C of the 2nd ZZ nearing completion with
an ending diagonal on strong diverging momentum.
If SPX does NOT exceed 3008.9 and falls beforehand this...
FTSE followed my predicted path from June 6th and slightly overshot my target area on strong bearish divergence.
This was an expanded flat wave with a very clear C impulse wave.
If correct FTSE will now start intermediate wave (3) down to the target areas highlighted.
The strong rise in the FTSE and US indices create the possibility of a FLAT wave in progress.
This idea is strengthened by the overlapping waves of the B wave of the flat forming a DZZ.
If correct FTSE will bounce to the green area before completing the FLAT and then fall to
the previously suggested wave 3 targets.
Updating my may20th idea.
FTSE is following my predicted path downwards and is in intermediate wave (3) black. This wave may finish
at 6894 (target 1) OR more likely 6761 (target 2) close to the blue trendline which crosses the 78.6% fib
retrace around that area.
Updating my last UKX idea.
It looks like the first wave of intermediate wave (3) black is complete with an a,b,c in a clear channel
Momentum has turned bearish and after a brief push back to the lower channel line a break below
7285 would signal a likely sharp fall.
FTSE completed intermediate wave (2) black and is now in the early stages of wave (3)
Minor wave 1 blue is nearing completion and after the current minute 4th wave ends at around 7290
my target is the 76.8fib level of the previous impulse at 7179 area.
The strong rise in SPX since DEC to reach the previous high of 2940 violates previous ideas and leaves the door open
to a new high in the near future.
Taking a longer look back this monthly chart has the 2018 high as wave III and the current impulse wave as the final cycle
wave V. Wave III = 2.618 wave I and is extended resulting in the possibility of wave V =...
Previously I have suggested that SPX is following a pattern sugesting that from the ATH
A leading diagonal is forming.
This chart places labels on this idea with SPX currently in the final stages of the a,b,c
Forming wave 2.
Wave 2 is fast approaching the long term channel resistance on weakening momentum.
I know I am one of the minority on this site forecasting a...