We have a key couple of days coming up for the FTSE 100 in determining whether it may make a new low before the year is out.
A downwards trend channel is possibly developing on the FTSE 100 Index but the top line needs to be confirmed. We see Monday and Tuesday as being key and if we can get a sharp move up to our short entry zone followed by a sharp move back down there is a good chance of a new low before Christmas.
Our calculations also show that, in this situation, a medium term high may have occurred in November 2021 which would make longs more risky.
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