Forex Technical Analysis:FTSE Carves A Lower High At 7430 Levels

Bottom line:  FTSE bearish structure remains intact as a lower high was print at 7430 leve…

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

 

 


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