F
fibo_trader
Some say the British empire began in 1500 approx., others say 1600. Regardless, lets just say hundreds of years of Empire. Then THEY say it ended in 1997. No matter. The TREND is what I, Fibo go by. And the TREND in the FTSE 100 tells me that the Empire is not dead. Colonies are gone, yes but the core engine is still beating. Therefore, when this TREND bends and breaks aka reverses, then and only then is the multi-century UP TREND over. One can try to be a smart Alec and time it on the daily time frame but appropriate is yearly or monthly. In this case due to lack of historical data going back to the 1500s or 1600s or 1700s I'm going to work with whatever I have as reliable data on the FTSE 100.
When 6,500 breaks and thereafter the Top never gets exceeded is when the TOP is IN, i.e. confirmed.
But wait - is the TOP already in? Don't know for sure but in any event will not quibble a few months when dealing with centuries.
When 6,500 breaks and thereafter the Top never gets exceeded is when the TOP is IN, i.e. confirmed.
But wait - is the TOP already in? Don't know for sure but in any event will not quibble a few months when dealing with centuries.