My prior UKX posts speculated that some form of long term Elliott wave triangle was forming, either a Horizontal or Ending.
It now appears both could be true. A multi-year Horizontal triangle followed by a multi year Ending Diagonal Triangle.
A major clue that the UKX could reach a new high is that the decline from the May 2018 top is very choppy - a signature of Elliott wave corrective patterns.
Also curious that the UKX which had been weaker than the SPX since May, is now stronger.
Weekly Stochastic has reached the oversold zone indicating a considerably large rally could be underway.
Mark
It now appears both could be true. A multi-year Horizontal triangle followed by a multi year Ending Diagonal Triangle.
A major clue that the UKX could reach a new high is that the decline from the May 2018 top is very choppy - a signature of Elliott wave corrective patterns.
Also curious that the UKX which had been weaker than the SPX since May, is now stronger.
Weekly Stochastic has reached the oversold zone indicating a considerably large rally could be underway.
Mark