It has not been easy to figure out the FTSE EW pattern since the top and I have suggested in previous charts
that FTSE may be creating a leading diagonal.
The pattern has become a bit clearer recently and my prediction of an impulse wave down since the top has
NOT changed although I have modified the EW labelling as shown on the new chart.
At present FTSE looks to have completed an expanded flat a,b,c circle. These structures typically occur in a
4th wave correction and this ties up perfectly with the highest downward momentum as would be expected
for a wave 3.
If correct FTSE will now conclude wave 5 which cannot be longer than wave 3 in this case.
A possible target would be the 0.5 fib retrace of the previous impulse wave or around 6706. where significant
support exists.
Good Luck
that FTSE may be creating a leading diagonal.
The pattern has become a bit clearer recently and my prediction of an impulse wave down since the top has
NOT changed although I have modified the EW labelling as shown on the new chart.
At present FTSE looks to have completed an expanded flat a,b,c circle. These structures typically occur in a
4th wave correction and this ties up perfectly with the highest downward momentum as would be expected
for a wave 3.
If correct FTSE will now conclude wave 5 which cannot be longer than wave 3 in this case.
A possible target would be the 0.5 fib retrace of the previous impulse wave or around 6706. where significant
support exists.
Good Luck