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DenisRisticFX

FTSE 100 - Continuing the slide lower

Short
UK 100 Index (TVC:UKX)  
DenisRisticFX Updated   
TVC:UKX   UK 100 Index
Trend Analysis Chart Patterns ftse100 FTSE 100 Index FTSE uk100index
3
0
trendanalysis chartpattern ftse100 ukx ftse uk100index
The UKX ran above Jan 19 2022 highs only to reject, breaking the Feb 4 2022 low, initiating a market structure shift on the daily timeframe. Price continued to decline with Feb 24 being an extreme down day due to the events transpiring in Ukraine. I am looking for a retrace to 7280 -7360 before price continues to the down-side with Target 1 reaching for 7100, Target 2 reaching for 7000-6950 and the third and final target at 6800.
Comment:
UKX did a complete retrace to the origin of the aggressive move lower on Feb 24 with price currently trading in a range between 7499-7200 range. I still favour the downside due to the market structure break that occurred at the Jan 24 short term low at 7238 level.

Target 1 = 7100
Target 2 = 6950
Target 3 = 6800
Comment:
Target 1 at 7100 level hit
Target 2 at 7000 level hit
Target 3 is still in play.
Trade closed: target reached:
Target 3 hit on March 7. Trade completed.
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