Looking at the SPX I think it is now in the C wave of a regular flat and will decline in 5 waves to 2300 which is the .236 retrace of wave (3) AND 1.236 of wave a in the flat. This should complete intermediate wave (4) after which wave (5) will take SPX to new highs.
The recent huge rise in the FTSE had me confused but I still think my last idea is correct "nearly"
I have modified the wavecount slightly as I believe the huge rise in the FTSE was a correction of a previous extended wave 5 which quickly retraces back to the first wave in the prior wave.
If correct FTSE will now retreat in minute wave 5 to complete minorwave 3.
My idea on the DJI is that the current intermediate wave (4) is taking the shape of a double ZZ. The first ZZ has completed and the correcting FLAT looks to be almost complete. Wave (4) has NOT even retraced .236 of wave (3) yet so I do not think it over. If correct the next ZZ should start soon and take the down below 20360.
The fall in the current minute wave 4 took out my last idea!
Re-examining the chart and moving the degree down 1 level fits better and minute wave 4 has reached the fib 50% retrace of minute wave 3. This may be the turning point to start minute wave 5 up to minor wave iii.
My wave count has gold in minor wave iii of intermediate wave (3). It looks like minute wave 4 has just completed a ZZ with minute wave 2 a FLAT. Minute wave 5 is in progress to the minor wave 3 target of 1309. If gold retreats below 1263.35 this wave count is incorrect.
My last idea turned out to be a flat correction followed by a sharp decline as predicted. Moving on I think FTSE is now in wave iv of wave (3) which should reach 7167 at least. The 5th wave may reach the .236 retrace of the prior primary (5) wave at 6988 and this point will be either C of an A,B,C correction or (3) of a 5 wave correction?
I have spent some time going over my long term FTSE chart and here is my updated idea which seems to fit common EW alternation and fib levels. Wave 5(5),V looks to be complete but has not reached the common .618 value of waves 1-3 which is at 7631 as per the blue dotted line. My gut feel is that we may have a final thrust up to this level via an extended flat...
Following on from my last idea (Flat or Wedge) I believe that FTSE is in the process of completing a FLAT at around the 78.6% retrace of A. The C wave should take FTSE to the 38.2% retrace of the prior impulse wave (5) at 7149 ish.
Following on from my idea on the complete ending diagonal it now looks like FTSE is in the middle of the first corrective wave which looks like a possible A,B,C retracing to either the .618 0r .764 level of wave (5). There are multiple tests of the resistance trend line marked and my best guess is there will be a further test of this line at the B,b point and...
Following on from my last idea I believe that Wave 2 was complete at the low of 1195 and wave 3 is now in progress. Minor wave (1) looks to be complete with another expanded flat correcting to the fib .236 level at 1239.38 so far WITH a further possible correction to the .382 level OR a thrust upwards to continue wave 3.
Following on from my last post the ending diagonal is now complete in my opinion with a clear set of a,b,c waves terminating today at 7444 and on diverging indicators such as momentum,rsi,Macd.
I don't normally post on the gold chart but as I am personally long here are my thoughts.
Gold looks to have retraced 38.2% of wave 1 and started wave 2 after a long expanded flat correction.
With the Brexit article 50 action imminent I suspect that the FTSE top has already been reached and a deeper correction is near. The Fib ratios on the final wave 5 meet common ratios and the trend lines also stack up.
Good Luck trading.
FTSE has hit multi year trendline going back to the PP starting 2006 which has multiple touch points.
Note the negative divergence on MACD & Momentum and the huge RSI overbought position!
Please apply due diligence if trading.
I have seen a number of FTSE long term charts, here are my own thoughts:
2000-2009 completed a 9 year FLAT, supercycle waves (III) & (IV), supercycle wave (V) has completed an ENDING DIAGONAL in Mid 2015 and is now in the B wave of a final FLAT which should complete in the 7300-7400 area with a following C wave taking FTSE back to 5600 area. The green trend line...