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FTSE rallies towards wedge top
The FTSE has created a new lower low yesterday, providing us with some clues that this sell-off may not be over. Given the wider topping pattern, it is no wonder we saw another leg lower. However, with price forming a falling wedge pattern, there is a good chance we will see the ultimate breakout occur to the upside.
Price is currently enjoying a bounce from trendline support and thus we could see further gains in the short-term. That said, the directional bias will come upon seeing an hourly close either below the lower boundary of this pattern, or else above 6721.