UK retail sales this morning Morning outlook 18th October

[reemlsilkworm]

Morning Kym,
The monthly UJ seems to have formed a large symmetrical triangle based on the high of Jun 1st 2015, the low of Jun 1st 2016, the high of Dec 1st 2016 and so on. (symmetrical dates too).
The volume also has fallen away since the most recent rally starting on the 1st of March 2018.
On the daily, the channel originating from late march and incorporating the highs of 21st May and 19th July, seems to be giving way to a second much more shallow channel slowing the trend, as the high of the 3rd Oct did not follow suit and has already reached, and rejected the structure highs of the 6th Nov 17.

Importantly (and the point of this message), I'd like to mention the gargantuan rising wedge on the daily, which the original channel top and the shallower channel bottom seem to be creating, with weakening volume on this last rally. I think we could ride down from here to the 1st May at 108.25, once there, she has potential to break lower still down to 94.15 (1st May 19) and 90.28 by as soon as 1st Oct 19. I thought it was worth mentioning because I've been having dreams where Pythagoras is dressed as a polar bear covering his nose so I can't quite see him in the snow?!
Okay that bit's not true.. Cheers pal.