FTSE100 – Correction likely below 6775 levels

TVC:UKX   FTSE 100 Index
FTSE’s retreat from the high of 6830 levels if followed by a day end closing today below 6775 (78.6% of 7122.7-5499.5) would open doors for a much deeper retracement to 6690 levels.

The daily RSI is still yet to hit the overbought territory, while the daily MACD is looking poised to break above zero levels.

Hence, a rebound from 6775 tomorrow could yield a re-test of 6830 levels.
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