FTSE probably in ending diagonal wedge pattern

The FTSE 100 has been moving roughly sideways throughout 2017. However, things seem to clear up for the FTSE 100 at this point. It seems to trace out a contracting ending diagonal to finish intermediate wave (1). The character of the sideways movement reminds us of the period 2013-2014. Back then the FTSE traded similarly.

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 ending diagonal 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.
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