London's FTSE is in deep trouble. New Developments in the Bearish case this week are that the FTSE is forming a Bearish Flag pattern, and has nearly completed the Flag portion of this pattern. Flags fly at half mast in this pattern, meaning the depth of the decline that led into the flag will be the same as the depth of the decline from the flag. This gives a downside target of 4,300ish.
Also new and dangerous is the development where the 50 day moving average has now crossed under the 200 day moving average. This is very bad and means there is a high probability that the FTSE is headed much lower for an extended period of time.
The Daily MACD is curling over and very close to generating a new sell signal. Its histograms are shrinking and close to going negative which would trigger a new sell signal. The Daily Full Stochastics are on a sell signal.
The FTSE is about to sell off sharply.
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"Jesus said to them, "I am the bread of life; he who comes to Me
shall not hunger, and he who believes in Me shall never thirst.
For I have come down from heaven,
For this is the will of My Father, that everyone who beholds
the Son and believes in Him, may have eternal life;
and I Myself will raise him up on the last day."
John 6: 35, 38, 40
