Following on from my previous FTSE ideas it was nice to see a textbook H&S followed by a steep drop, Hope you caught this!
FTSE looks to have completed minor wave 1 &2 blue of intermediate wave (3) and preparing for minor wave 3 blue. If correct
this will be a steep drop. Good Luck
Following on from my previous FTSE charts that show a 5 down leading diagonal from the top followed by a complex
If correct this correction just completed with a H&S pattern that may herald a bigger drop if correct.
Following on from my previous ideas on GOLD which has just bounced off the 61.8% fib retrace
on a strong divergence to complete wave C circle of the triangle.
Gold bears have eaten all the honey and are full! for me this is a time to go long and ride wave d circle
If my wave counting is correct SPX finished a 6 month zig-zag correction (W),(X),(Y) on 25th July at 2848.
Note that there was not enough momentum to completely close the breakaway gap BUT the correction was
very deep which is typical of a 2nd wave where bullish confidence is often very high.
Waves 3 and 5 of (Y) are interesting in that they both exhibit double...
Carrying on from my previous idea in that SPX is in a corrective structure from the top.
Wave Y is still taking the form of a diagonal and looks to be near completion?
A possible turning completion point is where wave W =Y which is very close now.
Note that RSI is diverging.
FTSE has created a series of overlapping waves in what looks like a leading diagonal with wave 5 currently underway. Waves 2 and 4 have met the typical
fib retraces of a leading diagonal IE: between 61 and 81%.
If correct wave c of wave 5 should start on a clear break of the blue trendline. A clear break of the upper red trendline
would indicate this count is...
Intermediate wave (1) looks to be complete on 2nd July with a strong a,b,c correction nearly complete.
This correction has filled the open gap at 2752 and hit the 2009 long term trendline again! it may poke above it to test the 78% fib retrace
at around 2771. A clear break of the red trendline should indicate that intermediate wave (3) is underway.
I have not posted on Gold for some time as the choppy wave structure has been difficult to work out in EW terms.
However I note that a high percentage of posts are on GOLD so interest is clearly present!
This weekly chart sees GOLD completing Cycle wave IV back in 2016 and in the early stages of cycle
wave V. The correction from the 1900 top looks to be a double...
This chart updates my idea from 17th June in that intermediate wave (2) is complete and intermediate wave (3)
is underway. Minor wave 1 (blue) completed with a leading diagonal and retraced 61.8% for minor wave 2 blue.
Minor wave 3 (blue) is underway and once again the long term 2009 trend line has been breached. Target for minor wave
3 (blue) is around 2695. Good Luck.
Sometimes to obtain a clear EW picture it is helpful to simply count the waves!
My previous posts have indicated that the SPX top was reached in Feb18 and since then we have
started a downward track with SPX bouncing around the 2009 trend line. I have not changed this view!
This chart shows the wave structure with a simple wave count total at the end of each...
Sometimes the EW pattern shown by the ETF that tracks the FTSE100 is clearer than the UKX chart.
This chart of the ISF ETF shows my current idea on the FTSE100 which I believe has completed a very long
ending diagonal from 2009 at wave (5).
The 2009 trend line has been broken and then retraced back below it.
The final impulse leading up to (5) was difficult to...
SPX did indeed fill the open gap with what looks like a W,X,Y correction finishing at the 78% fib level.
If correct wave 3 blue should commence soon. Note the oil price has fallen over 5% in the past few days
and this may be the catalyst for wave 3.
SPX looks to be completing an A,B,C zig-zag for minor wave 2 blue.
There is a gap at the 78.6% fib retrace around 2750 which may be a magnet for completing this correction.
Other gaps exist once the correction is complete which will draw minor wave 3 blue downwards in a possible larger fall.
My recent long term post has FTSE in wave V of an ending diagonal starting after the 2008 crash.
This 4 hour chart shows wave C of this final wave V reaching for the red long term trendline.
If correct this current impulse wave has an extended wave 5 which should reverse very quickly at or around 7847 which
is 1.618 waves 1-3 and very close to the trendline....
My long term idea from Dec 2017 had FTSE in a large ending diagonal starting after the 2008 crash which I have as wave (IV) on the chart.
The red trendline has multiple touch points and a valid PP and now May 2018 FTSE is once again approaching the trendline which should act as major
resistance if reached.
If my count is correct FTSE is now in wave C of the...