The UK 100 decline since the 08 of June has been nothing but an over lapping mess. Overlapping price action is associated with corrective patterns or diagonals, I've labeled this move down, minute w-x-y.
The pattern has retraced into a potential Fibonacci .618 (5519.3) support level.
An impulsive bounce from this area is needed to comfortably count the corrective pattern complete.
It's difficult to label the decline as a leading diagonal.
The pattern has retraced into a potential Fibonacci .618 (5519.3) support level.
An impulsive bounce from this area is needed to comfortably count the corrective pattern complete.
It's difficult to label the decline as a leading diagonal.