Bottom line: FTSE bearish structure remains intact as a lower high was print at 7430 levels last week before pulling back. The indice remains vulnerable until 7700 levels remain intact.
Technical Analysis:
FTSE potential crash seems to be coming soon as bulls unable to crack above the 7450 mark yet again. The short term wave structure remains bearish and could begin a potential Wave iii of 3 of (3) anytime, while resistance at 7700 intact. Last week we had discussed to expect a bounce back at least towards 7300/50 levels before the drop could resume. Bulls have managed to print just a bit higher but 7447 still remains intact. An impulse drop on the shorter time frames would confirm that bears are back in control and should be looking towards 6550 at least. The wave counts since 7700 levels could be labelled as potential Wave 1 (between 7700 and 7035), followed by a flat a-b-c corrective Wave 2 at 7447. Furthermore, a lower degree wave I and ii are now in place at 7139 and 7430 respectively; while Wave iii could resume any moment lower. Another valid wave count could be seen as a triangle unfolding as Wave 2, that terminated at 7430 and that Wave 3 should unfold now. In either case, a high potential trade setup is expected to drop lower against 7700 levels (we shall bring the risk down going forward), with potential targets below 6560 levels. Ideally prices should not break above the 7447 mark if the triangle count holds true. Watch out for a break below 7260 levels, which would confirm that a meaning lower top is in place at 7430 and that FTSE is headed lower. At a higher degree, Wave (3) is underway from 7700 levels and the indice is expected to drop way below 6550/60 levels.
Prepared by
Harsh Japee, Technical Analyst
FTSE Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
