Excerpt from: “Crystal Ball for Investing and Trading” Book.
Status of UK FTSE-100 Index
FTSE-100 is the United Kingdom’s blue-chip Index, traded on the London Stock Exchange. FTSE-100 stands for “Financial Times Stock Exchange.” It comprises 100 of UK highest capitalization stocks. The UK is part of the European Union but not part of the eurozone. Its currency is the British Pound (GBP).
Figure 13.11 shows a monthly chart of FTSE-100 from 1995 to March 20, 2020.
Figure 13.11- Chart courtesy of TC2000.com
The following points are worth highlighting:
- FTSE-100 has taken the pattern of a triangle as well. Unlike other already presented indexes, FTSE-100 displays a flat triangle in the sense that it is developing within a nearly perfect horizontal channel. The amplitude of waves A, B, and C are nearly the same while the amplitude of wave D is much larger after the throw-over in Q4, 2016.
- FTSE-100 reached its all-time high of approximately 7,900 on February 1, 2020.
- Unlike DJ-30 and DAX, FTSE-100 failed to make similar gains due to Dow Jones wave D. However, it did well better than CAC-40, which failed to reach even its highs of 2000.
- At the predicted bottom of wave E on November 9, 2022, FTSE-100 would most likely break through the support line of 2003 downward.
It should be reminded that the UK decided to break from the European Union.
For more information on the state of the UK economy and finances, please refer to the section “Bank of England – BoE.”
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