FTSE hits multi-year trendline.

FTSE has hit multi year trendline going back to the PP starting 2006 which has multiple touch points.
Note the negative divergence on MACD & Momentum and the huge RSI overbought position!

Please apply due diligence if trading.

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My stop taken out at 7335, closer inspection on the chart implies an extended 5th wave in progress which may terminate at 3556 = 1.618 waves 1 to 3. If correct expect a rapid fall to around the 7000 area.

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Correction - 5th wave top should be 7356 and not 3556.

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FTSE hit 7354 and I expect an ABC decline to around 7000 area.

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The 5th wave extension idea has been invalidated, hence I believe we are in a 4th wave correction. Once complete FTSE should rally in final 5th wave but it is difficult to predict exact top until 4th wave completes.