Inverse H&S FORMED ON FTSE - POSSIBLE STOP HUNT IN PLAY
An inverse head-and-shoulders pattern has formed on the FTSE, with a projection of around 200 points, which would pull it towards the 6900 handle. This leads me to believe that market makers are looking to clear out the stops that will be resting above the 'double top' before any further move down in the index.
6921 is the 70.5 OTE fib retracement from the 10th April high to the low that just formed in early July, and comes in at the low of the 4H bearish order block. Respect of this block would also give optimal entry for a possible correction in the market over the coming weeks.
6921 is the 70.5 OTE fib retracement from the 10th April high to the low that just formed in early July, and comes in at the low of the 4H bearish order block. Respect of this block would also give optimal entry for a possible correction in the market over the coming weeks.