We are currently in wave (c) of minute wave iii°. This means that we need to see another down up sequence before we can call wave (1) complete. We would not want to see the light blue trend channel decisively broken to the upside if our case here is correct. Neither do we want the corrective swing of wave iv° to be smaller than -5.15% to the downside. It should be in the magnitude of roughly -3% to -4% if we are dealing here with a contracting indeed.
We base our forecast on the contracting diagonal and see the FTSE therefore carry into the first quarter of 2018 at these elevated levels.