This Bloomberg chart of the London stock index shows that our (and the boys in Gainesville) opinion that an initial 5-wave down may indicate the start of something much bigger could be correct. The Dow did manage a new high, a possibility that we had considered, but the FTSE did not and, in fact, stopped retracing within a hundred points or so of our target of , roughly, 6500. We shall see what comes next but what is clear now is that the bear side is gaining traction.