this channel contains an Elliott wave
in five waves and the recent high is the top of wave 4. If however wave 4 takes the shape of a triangle, the recent high is wave (a) inside wave 4. In this scenario the FTSE
will bounce back to the upper line as the current decline is wave (b) and the bounce will be wave (c). A break above the upper line ans above 6765 would be bullish
as this would imply a trend reversal.