FTSE EW structure has been very difficult to track for the last few months but I believe that it is possible a
that a leading diagonal A,B,C,D,E is now in play with waves (A), (B) completed and (C) wave in progress.
Hence a few more months of high volatility.
Short term If correct FTSE will complete the current impulse wave down A of (C) at about the 6010 support level and lower
trendline before correcting upwards in wave B of (C).
Longer term I expect FTSE to decline once again to the previous low of around 4900 but this will probably not
occur until the US indices correct from their continuing elevated levels and after the US elections.
Good Luck.
that a leading diagonal A,B,C,D,E is now in play with waves (A), (B) completed and (C) wave in progress.
Hence a few more months of high volatility.
Short term If correct FTSE will complete the current impulse wave down A of (C) at about the 6010 support level and lower
trendline before correcting upwards in wave B of (C).
Longer term I expect FTSE to decline once again to the previous low of around 4900 but this will probably not
occur until the US indices correct from their continuing elevated levels and after the US elections.
Good Luck.