FTSE - So where is the support

Re long versus short:
Shorting is always more dangerous since you have theoretically unlimited loss!
If you imply a stop-loss, then the same would be for a long, so neither would be more dangerous.
If you are saying 'because the number is too high'....then you could have been saying that for nearly 4 years by now. People in auctions are occasionally (but not always) shocked by how high or low an item 'goes' for. It is reasonable to suppose that this will happen in stock markets sometimes. Clearly if market moves were known and rational, no-one would profit. Therefore one is always arguing based on 'how far from rational will this deviate'. I do not believe anyone alive can answer that question. Ever, and certainly not now.
Guessing is all that has been going on. (Call it EW theory and other learned stuff...but looking at the whole kaboodle, it's bollow, isn't it?!)