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
Komen
Geofftv1
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Thanks Mark
As a novice in EW practice I thought I had got to grips with the practical use but over the last 2 years I have take some 'hard knocks' when my EW prediction has been totally wrong! Perhaps with help from TVIEW members like yourself I can improve my skills.
Anyway I think we are now still in wave (B) of a triangle which has not completed yet and will probably meet or slightly exceed the .618 retrace line you have identified. Perhaps wave (C) will start once there is some further news like maybe a no vote in the forthcoming Italian referendum.
Geoff
markrivest
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Hi
You are correct about a triangle. Please see my latest post about the FTSE.
By the way FTSE currently has some very clear Elliott patterns.
As a novice in EW practice I thought I had got to grips with the practical use but over the last 2 years I have take some 'hard knocks' when my EW prediction has been totally wrong! Perhaps with help from TVIEW members like yourself I can improve my skills.
Anyway I think we are now still in wave (B) of a triangle which has not completed yet and will probably meet or slightly exceed the .618 retrace line you have identified. Perhaps wave (C) will start once there is some further news like maybe a no vote in the forthcoming Italian referendum.
Geoff