UK FTSE chart looking ready to turn down big time.

Since, as Prechter likes to say, it's all one market, the coming banking system collapse will take down all markets.  I recently saw a chart of the FTSE on a video and so I captured it and put a count to it.

As you can see, it has just completed 5 rail bumps and is now in the process of forming a declining double top which, when it breaks back down through the bottom rail, is going to begin to collapse dramatically just like the last two times when it got to this level.  This so called triple top is not going unnoticed by pro traders. folks.   The recent wave up was given a wave count indicating that it is an a-b-c type wave.  I thought it was interesting that the C wave ended in a rising wedge, right in line with my observation provided earlier this year (which is not part of formal EW rules and thus "proprietary" in the sense that I claim to be the first to have made this relationship) that rising or falling wedges appear to be 3rds or Cs.  My observation is not entirely new.  Legacy TA folks indicate that rising wedge is a reversal pattern which is certainly the case when you reach a C or a 3rd.  But the linking of this legacy TA to modern EW so that it gives us more clues about what will come in the future is what, in my opinion, is novel.  In other words, a wedge could call for a reversal in legacy TA but then fall a bit before reversing back to a higher high if the wedge is only a 3rd wave.  Legacy TA knows nothing of any wave count.  It treats each formation as a stand alone event.

In any case, I expect that the peak is in for the FTSE and that what likely awaits British gamblers is a very bad 2015.