FTSE possible abc rally pattern

30 Ara 2016

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

1 Oca 2017

Not

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.