FTSE 100 Update

The FTSE is rebounding following an oversold Top 20 Differential, that
is the normal pattern, when the top 20 Differential is oversold we get a short term bounce. The same thing occurs
with an oversold 34-day BTI but with this indicator the rebound lasts longer, like several weeks. The 34-day BTI is
now at 67, the overbought level is 400. I am not sure it will become overbought before the next major decline starts,
that’s because there is not enough upside. The FTSE is going down to complete wave D, then it will rally below the
top of wave C to complete wave E. No new high is expected, this means limited upside. The next major decline will
occur after wave E.

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