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. Good Luck
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. Good Luck
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...
Intermediate wave (2) looks to have finished and internediate wave (3) may be startibg with a leading diagonal, the next few days will confirm, Good luck.
It looks like FTSE has completed wave C of the expanded flat correction ar tge 61.8%fib retrace and on diverging momentum. If correct intermediate wave 3 shoukd start soon and pull FTSE way belw 7000. Good Luck.
DJI looks to be constructing an expanded flat for intermediate wave (2) which may end just above the open gap at 24683 or at the 61.6%fib retrace at 24936. This short term update replaces my previous short term ideas BUT the longer term prognosis has not changed in that a bear market is in progress. Good Luck
If my wavecount is correct FTSE has started intermediate wave (3) and is about to start the 3rd of 3rd wave which is usually powerful. There is a gap to fill under the major support/resistance line and once this is broken to fill the gap I suspect the fall will accelerate. Good Luck
I note that there is a great uncertainty as to whether the 2872 top in Jan18 is the TOP or wave 3 in an ongoing bull market. This chart attempts to show the EW count from the cycle wave IV low in feb16. The trendlines are taken from the cycle waves going back to the 2009 low. IMHO SPX has topped already and quickly fallen back to test the support trendline in wave...
USOIL has just completed a leading diagonal as minor wave 1 and a corrective,a,b,c to the 61.8%fib level. Minor wave 3 should start soon as part of the larger intermediate wave 3. Good Luck
FTSE completed intermediate wave 2 and is now in Intermediate wave 3 down which will go down to 6400 at least and probably very quickly! Good Luck.
EURUSD looks to have completed a 5 wave impulse at primary degree. If correct the initial target is around 1.17 in the region of the prior 4th wave. Good Luck
FTSE has now been rejected by the major support line twice, hence I label Minor wave 2 blue complete. Minor wave 3 may take FTSE to 6402 127%fib OR more likely 6150 61.8%fib. Good Luck.
It is interesting to see the many bullish ideas of the DJI & SPX since the recent correction. My own view has not changed in that this correction marks the start of a much bigger correction lasting a couple of years or so. This chart zooms in to the current correction of wave 1 Blue which I believe is taking the form of an expanded flat which may complete soon at...
Intermediate wave (2) finished around 10th Feb and intermediate wave (3) looks to be underway with a leading diagonal. If correct SPX will retrace to 50 or 61.8% fib and then fall heavily in wave (3). Good Luck.
In my view FTSE completed the Supercycle Top at around 7800. FTSE has now smashed downwards through the major support line and rebounded to hit strong resistance back at that major support line. If correct we are in wave 4 of the first 5 wave down which may complete at around 7100. Good Luck
This 15min chart shows the detail of minor wave 1 Blue which completed close to the major 2009 Trendline. The correction looks to be taking the form of an expanded flat which should complete at the .618 fib retrace level shown. After this Minor wave 3 will take SPX well below the 2009 trendline. Good Luck