Yesterday we saw the market close under 5100 which confirms we will see further selling. The strong sell off yesterday was typical of wave 3 (which are the most powerful waves in Elliott wave theory). The rally up to just under 5100 over night could be wave 4 which means we are likely to see the FTSE stall under 5100 this morning and decline further or we will see a brief blip up over 5100 towards 5130 and then further selling towards 5950 and lower.
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