I believe the $FTSE is in the process of forming an inverse head and shoulders pattern. If this forms as expected, I have noted the measured move of the pattern by the orange box above.
The bears of course believe we’re just in the early stages of a massive decline, but to believe that, one must also believe that we are in an impulse wave to the downside. And the lack of strong counter rallies on the US indices (that I unfortunately had been expecting) means that one could count those indices that way, if one were inclined to do so.
But not all world indices are like that; for instance, the UK’s $FTSE 100. The multiple overlaps in the range I have highlighted is definitive proof that it is corrective in nature. This strongly implies that it will go on to make new highs. And I’m sorry, I don’t mean this disparagingly, the index is weak compared to its US counterparts, and it’s not going to be the last to top, it will be among the first.