FTSE impulsive downside wave has begun
FTSE bounced from strong support 5000 to reach a previous 1999 high and 2015 high in the 2nd downside impulsive wave 6980 marked by a horizontal resistance line. Based on the price action here we could see a rejection here. A confirmed break above 7000 is required for the upside extension and downside wave invalidation.
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On the weekly chart, we can see that FTSE is in the medium-term ascending wedge and we need to see a break below 6847 for a downside reversal. A break above 7100 is needed for the upside extension.
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