The 5,425 target on the FTSE was not hit but remains active. It can be seen that in recent days we have had a 3 box reversal, followed by another 3 box reversal and the index has found a bit of support at 5,650. If we get an intra day high of 5,750, that short term target of 5,875 will be activated by a 'double top buy signal'.Given that 5,875 was previously a level where the market found support on several occasions (note the blue horizontal line) it would be perfectly reasonable to suggest that this could now become a level of resistance.
I also drew that slightly upward sloping line which shows much more clearly on the candle chart. Conversely, another 3 box reversal and a move below the current support level of 5,650 would be very bearish imo.
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