FTSE 2012 top in the middle. To the left 2011 top area. Click to get bigger picture. The waves from the last bottom in May is a five wave run and these 10 sideways closes could be the end. However a quick three wave run higher - extension of a five way movement - is always possible. I still think the FTSE will show the way for all indexes when the downturn starts. FTSE have the Monthly trend sideways, Weekly is up and the Daily trend is sideways.
This weekly chart shows that we are working on the last bar and it is only Tuesday. The close will come on Friday on this bar. A close at the same point as the first bar, will give a top formation that use to be a usual sign of a weekly top formation.
However it is too early to expect that this early in the week.
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