The FTSE has ostensibly completed a bearish 5-wave Elliot cycle marking a low on 19 March. Current price action is nearing completion of an a-wave bullish a-b-c correction at the 50% Fibonacci retracement level of the 5-wave Elliot cycle. Presumably, bearish b-wave may instigate the creation of the right Shoulder of a bullish inverse Head & Shoulders formation. Finally, bullish c-wave ought to drive price action through the 50% Fibonacci retracement level which also serves as Neckline resistance of the inverse Head & Shoulders formation.
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