Very risky situation, after breaking up from previous resistance zone, the index is now at a crossroads. Would it continue up to complete 12345 (after some correction first) or would it massively go down similarly to wave A to previous lows?
Overall, sentiment seems positive but UK just surprised with more job losses the previous month and higher unemployment rate so businesses are stuggling and should we see some more bancrupcies, the market may go in fear gear.
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Ok, so wave 3 didn't go that far as imagined firstly. For now, lets move the wave 3 top at the recent top and currently we are in a correction. WE should NOT go below 11550 level or else, we are in trouble and might actually go to 10300 level.
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A bit further downside is to be expected for the correctional wave before wave 5 upwards but if it breaks below, then wave C of the abc correction might be in play all the way to 10 300.