My long term idea from Dec 2017 had FTSE in a large ending diagonal starting after the 2008 crash which I have as wave (IV) on the chart.
The red trendline has multiple touch points and a valid PP and now May 2018 FTSE is once again approaching the trendline which should act as major
resistance if reached.
If my count is correct FTSE is now in wave C of the ending diagonal wave V. Wave V has an alternate count shown by the red alt A,B,C labels
but either way the outcome should be the same in that FTSE is reaching a major top.
MACD is diverging other indicators are showing strong overbought conditions.
Given that FTSE has shown continued strength caution is advised.
I will post a 1hour chart of the current impulse wave C of wave V later.
Good Luck
The red trendline has multiple touch points and a valid PP and now May 2018 FTSE is once again approaching the trendline which should act as major
resistance if reached.
If my count is correct FTSE is now in wave C of the ending diagonal wave V. Wave V has an alternate count shown by the red alt A,B,C labels
but either way the outcome should be the same in that FTSE is reaching a major top.
MACD is diverging other indicators are showing strong overbought conditions.
Given that FTSE has shown continued strength caution is advised.
I will post a 1hour chart of the current impulse wave C of wave V later.
Good Luck