FTSE consolidates within wedge
The FTSE has been consolidating since yesterday’s trendline sell-off. The price action seen over the past fortnight has formed a bullish falling wedge pattern, which is expected to continue apace with another leg lower from here.
A break back up through 7443 would certainly provide a warning sign that we are seeing a bullish wedge breakout. Until then, the recent creation of lower highs and lower lows is expected to persist.