TechnicalAnalyst
Short

FTSE 100 Daily Chart. Dec 20, 2018

TVC:UKX   UK 100 Index
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3
https://uk.tradingview.com/chart/U03iSVfb/

The FTSE 100 Daily Chart for Dec 20, 2018 has revealed a falling wedge pattern formation. It is usually a sign that we are getting to the bottom of market price action. It is classically a reversal pattern. But there are no guarantees. An upside breakout is most likely (75% chance). A downside breakout is less likely (25% chance) but it can happen.

My advice is to wait for a decisive break out before taking or modifying action. I am currently short. The symmetrical triangle that was formed on December 05, 2018 broke down and forced me into a short position. With an upside breakout, I will close my short position and go long. With a downside break out, I will continue my short position.

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