This is a 50x3 closing chart, based on yesterday's close and giving the 'big picture' from the 2007 peak. What previously looked like a forming double top pattern is now looking more bullish. The FTSE is currently at around 5,942 and if it can close above 5,950 or 6,000 and hold this level, that 7,250 target will become activated (the 6,500 target is already active).For the bears, while the previous high in April has already been filled and there has clearly been resistance around this level, first in April and more recently in November. You can also have double top patterns without them being 'perfect' double tops but clearly to push the bearish case, we would need to see the FTSE consolidate at or below the current 5,850 box, them move lower in the New Year, which is still possible.
For now though the bulls have the ball and are advancing up the field. There are no obvious active downside targets. We therefore can't rule out a possible assault on the 2007 high. Maybe that is where we will see the 'true' double top.
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