Starting to build short while top is being formed. I anticipate 2 scenario's. (1) top is in and visible on 15min to form ABC lower. Therefore C wave is starting now so take position, but it could get higher to form a slightly higher top in hourly before correction starts. There the short position can be completed.
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The B wave seems to start to roll over after showing M pattern.
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I have to admit, I could have done better on this entry. Weaker GBP is stronger FTSE. Had to see that one coming i guess. Nevertheless, the B wave finalized 5 waves so I still remain bearish on this one. It could spike a bit further as GBP may weaken further. I stopped my short but looking for entry opportunities.
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VishalShah9
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A thought - is there a third alternative where 5 is not complete yet and we still go higher (no much but 7600 ish).
Thanks for the analysis.
MikeOnlineable
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@VishalShah9, thanks for your comment. it could certainly be the case. will have to average myself out of that one then, or stop the position. I think there will be a top formed in the near future but no certainty this is the one.
Thanks for the analysis.