FTSE , Footsie update

FTSE aug 31 2013

This was that other, recent, coincidence. Whatever. In the mean time the London stock index retraced about 76% ( all retracements over the past 4/5 years have been unusually large), but unlike with the DOW , no new highs were made. That being the case we will now assume that we are in the initial stages of a wave 3. As wave 1 was about 900 index points , wave 3 could take the index down by 1.62X that or even 2,6X. (1440 or 2340 point). If any of this happens we will be halfway there. See chart below.

ftse aug 31 2013 b