FTSE 100: Hurst Cycles - 29th July 2022

The FTSE makes a double bottom for the 20 week nominal low, desperately hanging onto the 18 month FLD support. That support will likely be broken in the coming months, this report explores the details

Analysis Summary

We speculated in the last report on the FTSE 100 as to when price might breach the 18 month FLD support (shown on long term chart below, yellow). It seems not yet as price is still generally tracking this FLD. It is highly probable if the current phasing is correct we will see this FLD breached by weekly median price over the next few months. Sentient trader still has the target at 6500:

From 29th June Report:

The 18 month FLD is a crucial level of support for price but it will be breached en-route to the next 18 month low, due at the end of 2022. When exactly the true breach will occur (on weekly bar basis) is what we need to observe here. It is certainly a possibility it can occur in the next move down from this 40 day component, indeed a target of 6500 is the level for the 18 month FLD cross target.