The chart above presents part of my phasing and my projection on the FTSE100 index. Out of all the posts posted on this service this is the one I have least confidence in. What you see infront of you is the 54 year cycle position. It seems evident that the peak of the 9 year wave is on the verge of occurring at the time of writing and the FTSE is likely to decline significantly. The reason why I say I lack the confidence in terms of this particular projection is because the Elliott wave structure suggests that this market is likely to not only depreciate but have an outright collapse. It is important to note that the trend underlying the previous 54 year cycle is different from the trend underlying the current 54 year cycle and hence this could be the reason for the contradiction. I would be looking for a breach of the 18 month FLD presented below to confirm a top of the 9 year wave within this particular market.
Considering the trend component is significantly different, I decided to detrend the data in order to get gates of potential turning points in price rather that a projection of price in itself. Let us now take a look at a projection of the detrended zigzag of this particular projection.
The detrended projection suggests that a top should be realized soon and this market should embark on an ABC decline into late 2019 after which this market is likely to have a reflationary bounce into 2021 followed by a larger ABC pattern the end of which will resemble the decline experienced in the UK in the mid 1970s.