The Dow Jones rallied to new all-time highs, the S&P 500 could follow as the rally in tech stocks resumes. In this case the FTSE 100 could rally back to the top. On Friday, the Dow Jones Industrial Average closed above 50,000 for the first time ever, setting a high bar for today’s session. There is a risk the FTSE 100 will rally above its all-time high at 10481.5, the pattern since the start of January is not clear, it can be interpreted in different ways. In one interpretation the rally is in five waves but the decline that follows is not clearly in five waves. If the trend has turned down the decline should be in five waves. For that reason there is a possibility that the latest decline in the S&P 500 is not the start of a larger decline but a fourth wave and the current rally is the fifth wave and it’s going to new highs.