Last analysis of FTSE expected a little upwards movement to a very short term target at 6,515, before downwards movement towards about 6,280.60.
We did not see the small upwards movement I had expected, but overall price did move lower to reach 6,316.91, 36.31 points short of the target for the week.
A very clear channel breach indicates that the correction is now over.
Click on the charts below to enlarge.
Within intermediate wave (4) it is possible to see this structure as a completed zigzag.
The following upwards movement for minor wave 1 of intermediate wave (5) is ambiguous. It can be seen as either a three or a five. This wave count sees it as a five.
Downwards movement for minor wave 2 is now a complete double zigzag. The second zigzag in the double made only a slight new low below the first, but did move price lower.
At 7,406 minor wave 3 would reach 1.618 the length of minor wave 1. This target is about 30 trading days or sessions away.
Within minor wave 3 no second wave may move beyond the start of the first wave. This wave count is invalidated with movement below 6,316.91.
A channel drawn about the second zigzag in the double labeled minute wave y is now very clearly breached up upwards movement. The downwards correction is likely to be over and the next wave up should be underway.
Within minor wave 3 I would expect at some stage over the next week to two a second wave correction for minute wave ii. Minute wave ii may not move beyond the start of minute wave i. This wave count is invalidated with movement below 6,316.91.