The current rise looks like it has the potential to become three waves that might be the start of a rising wedge. C=A in the 7170 area. Of course it can also go straight to the 7280 target, but that looks less likely.
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The 7280 'perfect fib' target has been decisively breached, suggesting that this is NOT W3 (of 5) but W5 (of 5) in which case FTSE should continue upwards towards a minimum target of 7420 and a maximum of 7600. This is (as yet) no clean five wave pattern in the rise from 6680.
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FTSE is now showing a more clear five wave pattern upwards from the 6680 low. 7355 appears to be the top of W3 (of 5) and is exactly 1.618*W1 (shown as (a) on the chart. Now forming W4. Target for W5 is 7570/7600.
Hit your target 7280, good call!
Where to next? Thanks
kunsan
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@SwingDow30, yes, FTSE went straight to the target instead of forming the rising wedge I was expecting. The 7280 target is very strong, being a 1.618 jump for wave 3.
However, I'm having difficulty counting the strong move upwards from 6680 as a completed five waves. It might be, but the analysis eludes me at the moment. This gives me reason to be cautious until a clear message is given by the market.
@SwingDow30, FTSE exceeded the 7280 original target, justifying my caution as I could not see a completed five wave pattern. As 7280 has been decisively breached I have to assume that this is NOT W3 but W5 (of 5) in which case the minimum target becomes 7420 and the maximum 7600.
Where to next? Thanks