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FTSE breaks lower, yet forms bullish falling wedge
Yesterday saw the FTSE breaking below the lower end of the symmetrical triangle that has been in play over the past month. However, as ever the most important thing is to create a new low, which would mean a move below 6489, which did not happen. Thus while we did get a relatively bullish indicator by breaking the ascending trendline, we remain in a place where higher lows are in place.
The price has very recently started forming a falling wedge formation, which when seen in a downtrend is generally countertrend. That means it is a bullish indicator and would more often than not result in a move out of the top. However, until that happens it could be prudent to expect the wedge to remain in play, and thus a short-term move lower seems likely.
Ultimately for me to see an indication of a major move in either direction, I would need to see a break below 6489 or above 6602.