FTSE going to new high
FTSE is making a long-term price action wedge in the impulsive 5 waves higher as you can see on the monthly chart. After a recent pullback and a bounce from 5500 a previously broken upside rectangle resistance, we can see a continuation higher and a possible test of 7500 again in the 5th wave. If we see a confirmed price action break above 6700 there is not much resistance till 7500 and the 5th wave gets confirmed.
On the weekly chart, we can see an impulsive Elliott Wave upside count, long-term, and a break above the 6700 is required for a continuation higher to 7500 and higher in the IIIrd wave. So an IIIrd wave to be confirmed we need to see a confirmed price action break above 6700 which is proved to you as reading this article as extremely powerful upside resistance.
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