$FTSE (8.14.2013)

Index has completed a 5 wave move @ 6709 peak and is currently in wave ( B ). Wave A of ( B ) has completed @ 6507 and wave B of ( B ) is under way which can reach as high as 6661 (76.4 fib) from where we expect the Index to trade lower in 3 waves. Expect price to stay below 6709 for this view to remain valid and ideal target for completion of wave ( B ) is 6365 (50 fib). As this is a corrective pull back as per our primary view, we don’t like shorting the Index into proposed wave C of ( B ) lower.

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