FTSE has hit 79% retrace of wave 1 and several indicators on the larger timeframes are now showing as overbought. Daily stochastics have been in their 90s since around the 19th Feb and on the daily chart the candle has hit the upper bolly band, which looking back at previous points where this has hit, it usually suggests the rally is exhausted.
This rally of course could be labelled as a standard 5 waves up but we've seen that before on the FTSE as posted earlier this week and capitulation follows
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