The FTSE has topped out with its daily momentum giving up. A first look at the chart can confuse you and so I do what I do in these cases. Turn it upside down. So here is what is mostly a 5 wave fall in wave A. Wave B has bounced back to the wave IV area and sold off, this is also almost 61.8%. Wave C would be a major bear leg down, as big as wave A, and going far below it. What is concerning is that wave A is a 10 month affair. So it is a slow grind and I wonder if wave C would also be similar. We should however now be developing wave 1 of C down.