The 03/13/23 blog “Major UK 100 Top is Probably in Place” noted “On 02/16/23 the UK 100 reached 8,047, this could be a major top!”
The 04/02/23 blog “Britannia Rules the Elliott Waves” noted that after 02/16/23 “The decline was in a five- wave impulse which implies it’s the first wave down of a larger developing drop.”
The 04/23/23 blog “UK 100 at Sell Point? – 04/21/23” illustrated that the UK 100 had reached an area of chart resistance and a possible secondary peak.
The daily UK 100 (UKX) chart courtesy of Trading View shows what’s happened after 04/21/23.
Daily RSI has not yet reached the oversold zone below 30%. Daily MACD has not crossed below the “zero” level. Both indicators imply there’s more room for prices to fall.
If the decline continues the 7,200 to 7,300 area could provide short-term support. A break below 7,200 could open the door for a drop back to the October 2022 bottom.