FTSE 100: Hurst Cycles - 29th June 2022
Price collapses from the 80 day nominal peak in early June to what should be the 40 day nominal low, currently peaking. We look at likely scenarios for price action over the next month or two.
At the last report into the FTSE on 8th June we looked at a the imminent peak of the 80 day component and the possible subsequent move:
The 80 day component is highly dominant in the FTSE, tracing out visually apparent price action over the last few iterations. Given the larger cycles are flattening out we can expect this move down to be similar in shape to the previous 80 day iteration, perhaps even testing the lows around 7000 at it’s completion.
Price exceeded expectations in that it has reached the 7000 level already, moving sharply downward from the 8th to the 20th, coming to rest once again on the 18 month FLD support (shown on long term chart below) for what is very likely the 40 day nominal low.
Keep reading with a 7-day free trial
Subscribe to Sigma-L to keep reading this post and get 7 days of free access to the full post archives.