In that post I speculated that the FTSE could be forming a giant Triangle( EDT ) from the bottom made in 2003. I noted the supposed Cycle wave V up from the February 2016 bottom counted better as a five wave structure on the monthly chart and that if it was an EDT the wave up from February 2016 was probably just wave "A" of 5.
However, if you look at the weekly and the pattern from February 11 can be counted as a three wave structure which is required of all sub waves of an EDT .
The pattern from 2003 could be complete and signifies a very important top. Please note the throw over of the from 2007. This is typical of the last wave of an EDT .
The FTSE 100 rally from December has been incredible. Today close down, broke 14 days in a row of closing up, a rare event. Even rarer the daily reached the highest level since May of 1997, amazing!
This looks like a blow off top and ties in with what I've been posting about the US stock market at a probable significant peak.
*** See "Elliott Wave Principle" pages 36-39 for information about Triangles.
If, however, FTSE decisively breaks 7100, this analysis will be proven wrong.
Thanks for the information.
Thanks for the comment.