Update on FTSE: Jul 8, 2013

FTSE (represented here by UKX) overshot a double-top by about 2% on May 22 — completing a Crab Pattern in the process.

It fell back to test the .786 at the bottom of a well defined rising channel, and has since retraced almost .618 (655.01) of that slide.

If it’s able to penetrate 674 again, the yellow 1.272 is waiting up at 763 (late Oct, early Nov.)

If not, there are multiple H&S Patterns waiting in the wings that could usher UKX down to the mid 500s — starting with a bounce at the channel bottom around 610 (Jul 25.)

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