Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

FTSE Elliott Wave View: Extending Higher

Published 05/23/2017, 01:49 AM
Updated 03/09/2019, 08:30 AM

Short Term Elliott Wave view in FTSE suggests the rally from 4/20 low (7096.6) is unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 7302.57 and Minute wave ((b)) ended at 7197.28. Subdivision of Minute wave ((a)) unfolded as an impulse where Minuttte wave (i) ended at 7134.53, Minutte wave (ii) ended at 7104.22, Minutte wave (iii) ended at 7290.82, Minutte wave (iv) ended at 7262.32, and Minutte wave (v) of ((a)) ended at 7302.57. The Index then pullback and ended Minute wave ((b)) at 7197.28

Minute wave ((c)) unfolded as an ending diagonal where Minutte wave (i) ended at 7280.7, Minutte wave (ii) ended at 7222.81, Minutte wave (iii) ended at 7460.20, and Minutte wave (iv) ended at 7435.64. Index has reached 1.618 extension of the Minute ((a)) - ((b)) and thus cycle from 4/20 low is mature and we are calling Minor wave 1 completed at 7533.7. Minor wave 2 decline from there is proposed complete at 7389.26. The Index has since resumed the rally higher and near term, while pullbacks stay above 7389.26, and more importantly above 7096.6, expect FTSE to extend higher. A break above Minor wave 1 at 7533.7 is needed to confirm the next leg higher has started. Until then, a double correction in Minor wave 2 can't be ruled out. We don't like selling the proposed pullback.

If FTSE breaks below 7389.26, this suggests the Index is still correcting within Minor wave 2 as a 7 swing structure and this would open extension to the downside to the next 100% - 123.6% in 7 swing. In the event that this happens, the Index remains favored to continue the rally higher again after the 7 swing correction is completed as far as pivot at 7096.6 low remains intact.

FTSE 1 Hour Elliott Wave Chart

FTSE Hour Chart


ew degree

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.