Geofftv1
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FTSE - Another look at the long term chart.

TVC:UKX   UK 100 Index
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Revisiting an idea I had some months ago this chart places the correction from the top in 2000 as an expanded flat which is still in progress!
The wave structure in this expanded flat is wave (A) = Zig-Zag , Wave (B) = double Zig-Zag , W,X,Y and Wave (C) still to come.
A set of trend lines connects the points where Wave W=Y and Wave A=B and a final expanded flat looks to be in progress finishing with a possible
ending diagonal which may be at or very near its peak? It is always very difficult to call the final top but the extended momentum indicator along with RSI and MACD are all showing very overbought with divergence.
With a general election not too far away I expect the next few weeks to be interesting and volatile.
Good Luck.
what are your latest thoughts?
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Geofftv1 VishalShah9
@VishalShah9, in think minor wave 2 completed with an extended flat at 7560 on 20th June. Minor wave 3 is now starting with the first subwaves just finished.
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Great post.... waiting for reversal. Frustrating but that is what you expect from the market....still favour a pull back and then one final push... how deep the pull back? How high the final push... only time will tell!
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Geofftv1 VishalShah9
@VishalShah9, thanks Visual, fingers crossed. I thinks the FTSE will follow the US indices which look ready for a correction and maybe then a final push.
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VishalShah9 Geofftv1
@Geofftv1, that was a massive squeeze today. Feel that was not enough.... one more push above 7600?
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Geofftv1 VishalShah9
@VishalShah9, yes I agree, my ending diagonal has now been breached with a possible throwover. If the index goes above 7614 back to the drawing board!
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VishalShah9 Geofftv1
@Geofftv1, actually I still think this is terminal - my range is 7610 to 7623.... with NFP today.... a fake throw over is very likely.
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Geofftv1 VishalShah9
@VishalShah9, looks like we both agree!
My 7614 level was based on 1.382 of wave a in a final expanded flat.
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Geofftv1 Geofftv1
@Geofftv1, I think we have just seen the first wave down completed by an extended fifth wave and sharp correction. If correct we should start the 3rd wave down soon.
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