Both major stock markets are completing tops, and are about to start multi-week declines. The London FTSE topped in July, 2007, and since has been tracing out the first two legs of an a-down, b-up, c-down Intermediate degree wave 2 decline. Wave b-up has retraced about 73.6 percent of the decline from July into August. That wave should complete soon. Then a strong decline, wave c-down should begin. A Fibonacci .786 retrace of wave a-down would take the FTSE up as high as 6,554.
Germany's DAX has also failed to exceed its July highs, and is following a similar path as the FTSE. The DAX has retraced 72 percent of the summer decline. A Fibonacci .786 (the quare root of phi, .618) would take the DAX up to 7,945.
Wave c-down into an Intermediate wave 2 bottom could commence as soon as this week, if many of the signals affecting U.S. markets apply to these two indices. We offer an expanded 48 page weekend newsletter to Subscribers at www.technicalindicatorindex.com. We also cover the US on a Daily basis. We cover the Australia daily and weekly, and the London FTSE, and German DAX weekly. You can get a FREE 30 day Trial Subscription by going to the website and clicking on the button at the upper right of the Home page.
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