Harmonic Elliott Waves is a new method of wave counting by Ian Copsey. He’s modified the original impulsive wave structure by using harmonic ratios of the fibonacci sequence to forecast his wave counts.
I am by no means a master of his method yet, but will continue to study it as the calls Ian has made using his method are truly staggering, and at times his price forecasts on Indices and FX are within a pip.. months before the event happens! I won’t reveal his methods as they are in his book, he teaches a course and he now offers an analysis service. There’s a free introduction on his website with a pdf and video, and is definitely worth a look if you like count waves.
Assuming FTSE does continue to decline I feel that the 4971.4 is a crucial swing low, so could prove to be an appropriate target as this is also a 50% retracement level.
There is a Gann cluster around the 6474 but at present have no idea of how long it will take to get there. I intend to study FTSE cycles to aid this but need access to more data.
FTSE narrowly took out November high but struggled to turn this into support – for the last 3 trading days of last week it was range bound between 5900 and 5850, with Thursday producing a Doji and Friday finishing down with 1.5 billion shares traded. The last time this happened at the end of November it turned out to be a pivotal point, so interested to see if it retraces to one of the red Gann lines before having another go at turning 5900 into support. If it convincingly breaks resistance @ 5917 I’ll be aiming for the Gann cluster around 6474.