This is an update to the FTSE 15 minute charts I posted more than a week ago.
If you want to learn Elliott wave theory observing FTSE - UKX since 11/10/16 is a great place to start.
There is a very smooth and fast five wave decline followed by a very slow and choppy corrective pattern, in this case a Double Zigzag. So far the move up has retraced just below .618 of the prior five wave decline.
Its possible the corrective pattern may still be under construction, if so the UKX would probably not go much beyond the .618 retrace level.
UKX also provides additional clues to the US stock market reaching a peak very soon. Since UKX has been weaker than most US stock indices it would probably top before the US stock rally.
Watch UKX closely on 11/28/16, it is in an area for a low risk short and is another indicator to help catch a top in US stocks.
Mark
If you want to learn Elliott wave theory observing FTSE - UKX since 11/10/16 is a great place to start.
There is a very smooth and fast five wave decline followed by a very slow and choppy corrective pattern, in this case a Double Zigzag. So far the move up has retraced just below .618 of the prior five wave decline.
Its possible the corrective pattern may still be under construction, if so the UKX would probably not go much beyond the .618 retrace level.
UKX also provides additional clues to the US stock market reaching a peak very soon. Since UKX has been weaker than most US stock indices it would probably top before the US stock rally.
Watch UKX closely on 11/28/16, it is in an area for a low risk short and is another indicator to help catch a top in US stocks.
Mark