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The FTSE 100 has been on a bullish run since March 2020 low. It appreciated nearly 57% since the Covid-19 pandemic. A further appreciation is still in play based on the Elliott Wave count it has formed since 2020.
UK oil has been consolidating since March 22 high at 133.107 all the down to July 2022 lows at 94.480 and it seems like it is looking to re-test the March highs again in the near-term future.
It is not over yet for the decline in US Indices and the Russell is no exception. Further downside is expected within the bearish sequence it is unfolding in.
Hong Kong’s Hang Seng has appreciated nearly 16% since early May, and it may not be done yet.
FTSE 100 is correcting and seems to be preparing to get back into the driver seat. Subject to not breaking through 6787 key level.