For the ftse mainly: If you draw the downtrend line on the...

For the ftse mainly: If you draw the downtrend line on the weekly, I roughly get a value of about 5480 or thereabouts, which the current FTSE price would need to reach, and still allow the overall downtrend on the weekly to remain intact.
I wonder whether that is a likely target tghat might get hit in the next couple of weeks, which coincides with your estimates in the SPX1100+ range.
If you consider EW, perhaps we are current in wave 5 of a new uptrend which began in march. If that is so, then perhaps to upper target is 5480 before retracing and then testing the weekly downtrend?

Any takers?