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.
Commentaire:
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.
Commentaire:
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.