This chart is about why the FTSE 100 might be about to embark upon the largest decline in recent history. Wave B is a diamond triangle, a classic pattern though rare. A diamond is a rare case where prices first expand and then contract and has the same 3-3-3-3-3 wave structure as seen in a triangle. And then wave C is a ending diagonal or wedge that many are familiar with. Wedge patterns mark end of trends and this trend should have ended. This entire rally to new highs in the FTSE therefore is A-B-C and corrective and bound to a complete reversal along with the fortunes of Europe.