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...
This chart looks at DJI since 2009 to present on log scale and clearly shows a channel and fib timezone.
DJI clearly broke the channel downwards in late 2018 and has strongly bounced to retest the channel in early 2019.
What next? My own thoughts are bearish as DJI was rejected at the channel high on strong bearish RSI divergence.
I think the next few weeks...
My last idea on Mar 1st had DJI reaching a decision point!
Well, the decision has been made and in the short term at least a downward trend is in place.
The open gaps will be a magnet for this downtrend and the first gap is closed with the second
at 25055 in sight.
If correct I expect this first wave down to finish around 24984 which is the 78% fib retrace...
Updating my last FTSE chart which suggested a leading diagonal was taking shape.
This idea looks correct and the resulting minor wave correction to 2 blue was deep
Today FTSE has broken the upwards channel downwards and minor wave 3 blue is
in development. This wave will probably aim for the lower red channel at least.
My chart last week showed momentum waning and DJI perhaps reaching a turning point.
After reaching major resistance DJI started to retreat albeit very slowly.
Today DJI closed quickly the gap created from the open after what appears an initial 5 wave down.
If correct DJI may aim for the other gaps on the downside in wave (3).
Next week should be interesting.
Following on from my last FTSE update it looks like the A,B,C correction is complete within a good set of trendlines.
The first wave of wave (3) black looks very much like a leading diagonal with wave 5 circle now in progress.
Once complete this diagonal will correct upwards before starting a much larger fall, probably early next week.
Last weekend I suggested that the DOW DJI was getting close to a decision point, this week with the DJI powering ahead again
I believe the decision point is very close.
25827 closes an open gap and is also the .786 correction from the ATH. In addition wave C blue in the correction is .618 wave A blue
at this level.
Momentum is still diverging and my EW belief is...