I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, February 18, 2010

FTSE Schmootsie

AussieKen and I were discussing moves on the FTSE recently http://marketthoughtsandanalysis.blogspot.com/2010/02/pee-wars.html#comment-35010748. I keep tabs on a number of international indices on a regular basis (see this series of posts: A Trip Around the Globe III: A Look at a Few International Indices) but I had not done an actual EW count of the FTSE in quite some time.

So AussieKen piqued my interest. I see that the current 5 wave move down followed by the correction up is probably clearer here than on any other index. The FTSE peaked a few days earlier than the rest of the indices with a nice reversal bar. And the Minute 2 down in Minor 1 is very clear (not small / ambiguous like the rest of the indices). Everything looks beautifully proportional including the Minor 2 wave.

A nearly perfect impulse down and retrace back up. Thanks AussieKen!!

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