My previous long term chart was violated by the FTSE rising above 7600. This new chart portrays FTSE in a large expanded Flat correction starting in 2007. Currently wave b is nearly complete possibly at around 7750 where wave c = (1.618 wave a) of FLAT wave b. If correct FTSE will then start a prolonged bear market to at least 3280. Good Luck
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Wave C Circle is nearly complete and looks to be finishing in a typical ED. When complete wave 4 Circle will start and trace out a further A,B,C.
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Hi All
If I am correct the ED structure is complete, see chart below. If move above 7780 some other structure is in place!! Good Luck.
Hey Geoff - seems like the FTSE us turning down.... but I suspect Wave 5 is yet to come? What are your latest views?
Geofftv1
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@VishalShah9, yes, i made 200 pips on this D leg so far and I expect it will finish around 7450. The E leg will then complete the structure.
VishalShah9
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@Geofftv1, ditto..... it has been a good ride.... but painful it ha been to watch from the rally in Dec. Lesson learnt. Maybe an ending diagonal this Wave 4 (7570) and Wave 5 then to around 7800-7900 is another alternative?
Geofftv1
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@VishalShah9, Yes, very possible but watch the US indices as they are in the final wave 4.
Chiefstorm
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Thanks Geoff, I'm watching closely.
Some indicator readings are hitting levels last seen in the years 2000 and 1929....interesting at least.
VishalShah9
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@Chiefstorm, @Geofftv1 think the us markets will not let it drop.... hopefully FTSE will show some common sense tomorrow? Would be good to hear your views.... emotional with the spike so comforting views if any welcome - LOL
Chiefstorm
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@VishalShah9, I myself am a long term investor but I feel your pain if you're short term trading this market!
My own long term analysis along with those I follow including Geoff here all think we are high up in Wave 5 of this Bull Market, the list of reasons are many fold including Elliott Waves, Elliott Channel overshoot, high indicators, P.E ratios , time etc etc
The tricky bit is picking the exact top in my opinion although some believe we are now tracing out an ending diagonal to finish the upward move, Geoff has some great ideas here on this.
joehentges on youtube has posted some very interesting videos that are worth checking out also.
I have been amazed at the strength the U.S. markets have shown but if I take a step back perhaps it is to be expected near a top to get all the late buyers in before the turn comes, just a thought.
I hope things work out for you,
Paul
VishalShah9
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@Chiefstorm, @Geofftv1 - much appreciated.... I have a better trader sub with Thierry who has been great and is almost identical to Geoff here and what you have said. So maybe a few days of patience and we may see the expected decline. Fingers crossed.
VishalShah9
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Geoff - it did pierce through 7750 today - does it change your thinking? Although only by 7ish points
Geofftv1
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@VishalShah9, No, I expected this as throwovers and high retracements (78%and more) are common in these bull runs.