Chart of the day

FTSE100 is being rejected from the top of the long-term channel top 8450, and a break above this resistance is required for a continuation higher and an invalidation of a new swing down. This is also seen as the end of the medium-term fifth wave top.

We need to see a break below 8300 for a new swing down to happen. I see this as a terminal fifth long-term wave. An extension higher above 8450 will lead to an invalidation of the downside swing and an extension of the fifth wave much higher.

_{Look for the short trade entries with a stop loss above 8450. You can take long trades if we see a confirmed price action break above 8450 and a stop loss is taken.}