From the low at 6676 FTSE appears to be trying to complete an abc rally to a new high where c=1.618*a at 7200
Comment:
Several other analysts have shown the possibility of an irregular triangle for wave iv. This would place the wave iii (of 3 or C) at 6950 and explain why 'b' could be the end of wave iv (of 3 or C). If so, then the current rise from 6675 will be wave v (of 3 or C). The target of 7200 in that case won't be valid and the slightly higher target of 7280 comes into play.
The current rise might become a rising wedge - note the potential for a,b in the 6900/50 area.
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The current rise might become a rising wedge - note the potential for a,b in the 6900/50 area.