FTSE – Reverse Head and Shoulders forming

Monthly- Holds within a bullish channel. Previous resistance of 6754 from 2007 now becomes support. For the last two months, levels below this area have fond buyers.

Weekly: A 5-wave Elliott Wave patterns looks to have completed at 7904. The move lower has found buyers close to the 50% pullback level of 6700 from 5494-7904

Intraday 8-hours: Looks to be forming a bullish reverse Head and Shoulders pattern. A break of 7090 and the measured move target is 7550. We have bespoke support at 6901. Buying dips at this level offers a sound risk/reward set up