FTSE rising wedge developing?

Jan 3, 2017

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.

Jan 12, 2017

Note

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.

Jan 17, 2017

Note

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.