The calm before the storm
The FTSE100 reached its wave 5 peak in Mar 2000. Since then it has traced out the A-B-C-D part of a triangle correction. Wave E of this triangle has just started and will bring prices lower in the coming years.
The pattern in the FTSE100 is very similar to the US Stock Markets. Not surprising since the components of the FTSE100 are well diversified across many indices and the UK experienced all of the Internet, Housing, and Commodity bubbles seen in the US.
For more information on the macro US picture please see The Coming Stock Market Crash