A FTSE100 (CFD) Story
1. Price initially consolidated within a large triangle and eventually broke out
2. Price rallied towards 127.2% and in the process formed a rising wedge
3. Price often reverses from 127.2% back to 100% (You check my past trade ideas with flags to notice this common occurrence)
4. Price then forms a bearish flag at the 100%
5. A break out to the downside will see price go back to 61.8% of the initial triangle pattern
6. This 61.8% if the first triangle, forms 161.8% measured objective of the bearish flag (GOOD Confluence = Buy Zone)
7. From 6571 - 6528, FTSE should embark on a rally towards the final objective to 7100.
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I'll update this chart on a weekly basis to track the progress.
2. Price rallied towards 127.2% and in the process formed a rising wedge
3. Price often reverses from 127.2% back to 100% (You check my past trade ideas with flags to notice this common occurrence)
4. Price then forms a bearish flag at the 100%
5. A break out to the downside will see price go back to 61.8% of the initial triangle pattern
6. This 61.8% if the first triangle, forms 161.8% measured objective of the bearish flag (GOOD Confluence = Buy Zone)
7. From 6571 - 6528, FTSE should embark on a rally towards the final objective to 7100.
-----------------------------------------------------
I'll update this chart on a weekly basis to track the progress.
