The FTSE 100 (UKX) could be in the final wave of a gigantic Elliott Wave -Ending Diagonal Triangle (EDT) that began in 2009. If so, this could be the largest EDT ever recorded.
UKX has just bounced off the rising weekly trend line while the weekly RSI and Stochastic have reached oversold levels that correspond with the low made at the last correction.
If this count is correct the UKX could reach 8000 in just a few weeks, which could be the termination point of the EDT.
A break below the rising trend line could be very bearish and would imply the EDT is incorrect.
Mark
UKX has just bounced off the rising weekly trend line while the weekly RSI and Stochastic have reached oversold levels that correspond with the low made at the last correction.
If this count is correct the UKX could reach 8000 in just a few weeks, which could be the termination point of the EDT.
A break below the rising trend line could be very bearish and would imply the EDT is incorrect.
Mark