Good morning
The FTSE gave a negative signal on Friday, with price action being accepted under 5956.
In terms of Elliott wave theory the target for this decline is 5800. The pattern at this stage is taking form as an ABC. See attached chart. At this stage I would expect wave 4 and 5 of C to complete with a rally towards 5900 first and then a final decline to 5800. There is major support at 5800
Once this decline had completed near 5800 the price action from here will determine whether we have seen an important peak at 6090 and whether there is further downside to come. It is normal for healthy corrections to test the MA 200.
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