FTSE 100 - Continuing the slide lower

Feb 25, 2022

The UKX ran above Jan 19 2022 highs only to reject, breaking the Feb 4 2022 low, initiating a market structure shift on the daily timeframe. Price continued to decline with Feb 24 being an extreme down day due to the events transpiring in Ukraine. I am looking for a retrace to 7280 -7360 before price continues to the down-side with Target 1 reaching for 7100, Target 2 reaching for 7000-6950 and the third and final target at 6800.

Mar 2, 2022

Note

UKX did a complete retrace to the origin of the aggressive move lower on Feb 24 with price currently trading in a range between 7499-7200 range. I still favour the downside due to the market structure break that occurred at the Jan 24 short term low at 7238 level.

Target 1 = 7100
Target 2 = 6950
Target 3 = 6800

Mar 4, 2022

Note

Target 1 at 7100 level hit
Target 2 at 7000 level hit
Target 3 is still in play.

Mar 8, 2022

Trade closed: target reached

Target 3 hit on March 7. Trade completed.