FTSE 100 - Is the index heading to 5300

FX:UK100   FTSE 100 Index
Monthly chart - Bullish Cypher in the making

All Cypher conditions appear to have been met. The D leg appears to have begun in April last year. (high of 7127 levels)

The 78.6% retracement comes to around 5284. The level almost coincides with 50% Fibo of 2009 low-2015 high level which comes around 5294. A break below 1.1196 preferably on day end closing basis would signal the downtrend from the high of 1.1616 has resumed.

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