After creating "double top" bearish formation at 6150 in Oct 07, FTSE tanked more than 45% in "global equity meltdown". Two weeks back the index recovered "exactly" from the lower end of the "equi-distance" parallel channel, thereby providing excellent opportunity for the bulls to fight back.
Since then i.e. from low of 3665(27th Oct), FTSE has gained over 26% with a high of 4639, before correcting downward. However this down move is likely to be a part of overall "recover" atttempts rather than fresh "fall". This bullish argument is also "in line" with overall bullish view discribed under "World index" analysis.
On the daily chart, FTSE has formed suspected "expanding" triangle formation and the last leg is likely to end anytime, may be near 4k. On the upside "close" above 4375 will add much require strength in the medium term uptrend, eying 4.6-4.8k in the next few weeks, or may be by year end. Stop 4k.
