HomeContributorsTechnical AnalysisElliott Wave View: FTSE Should Extend Higher After 5 Waves Move

Elliott Wave View: FTSE Should Extend Higher After 5 Waves Move

Short term Elliott Wave view on FTSE suggests that the decline to 6356.3 on Dec 27, 2018 ended wave (3). Index is now doing wave (4) correction higher. The internal of wave (4) is unfolding as a zigzag Elliott Wave structure where rally to 7001.94 ended wave A. Index then pullback to 6840.13, which we label as wave B. For better confirmation on this view, the Index needs to break above wave A at 7001.94 to suggest wave C has started.

Internal of wave A unfolded as 5 waves Elliott Wave impulse structure. Up from 6356.3, wave ((i)) ended at 6752.54, wave ((ii)) ended at 6599.48, wave ((iii)) ended at 6938.31, wave ((iv)) ended at 6860.82, and wave ((v)) of A ended at 7001.94. Wave B unfolded as a zigzag Elliott Wave structure. Wave ((a)) of B ended at 6902.65, wave ((b)) of B ended at 6927.42, and wave ((c)) of B ended at 6840.13.

Near term, while FTSE stays above 6840.13, the Index should extend higher in wave C as another 5 waves. If the Index breaks below 6840.13, then it’s doing a double correction in wave B. Potential target for wave B in a double correction scenario is approximately 6646 – 6768 (50 – 76.4 Fibonacci retracement from 6356.3) before the Index resumes higher.

FTSE 1 Hour Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading