Good morning
Its thanksgiving in the US today so expect a very quiet session on the FTSE after 12pm.
On Monday I mentioned the FTSE had yet to complete a 38.20% Fibonacci retracement from its highs at 5903. This has occurred now so in terms of a correction the minimum requirements have been fulfilled (see chart attached). However, the form of the 4th wave is a complicated pattern so for now I expect horizontal activity between 5530-5820. Once price action goes above 5850 we can conclude wave 4 is over and wave 5 has started.
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