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!!