– FTSE 100 broke support zone
– Likely to fall to support level 8600.00
FTSE 100 Index previously broke the support zone between the support level 8700.00 (which created daily Bullish Engulfing earlier this month) and the 38.2% Fibonacci correction of the upward impulse from January.
The breakout of this support zone accelerated the active short-term ABC correction 4, which belongs to the upward impulse sequence (C) from last year.
FTSE 100 Index can be expected to fall to the next support level 8600.00 (target price for the completion of the active correction 4 intersecting with the support trendline of the daily up channel from December).
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