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Elliott Wave View: FTSE Short Term

FTSE Short term Elliott Wave view suggests that the decline to 7199.5 ended Primary wave ((4)). Rally from there is unfolding as an impulse Elliott Wave structure where Minor wave 1 ended at 7327.5 and pullback to 7289.75 ended Minor wave 2. Subsequent rally to 7494.34 ended Minor wave 3, Minor wave 4 ended at 7473.12, and Minor wave 5 ended at 7565.11. The last leg to 7565.11 also ended Intermediate wave (A) of a zigzag Elliott Wave structure from 9/15 low (7199.5).

Intermediate wave (B) is currently in progress as a double three Elliott Wave structure. Down from 7565.11, Minor wave W ended at 7485.42 and bounce to 7560.04 ended Minor wave X. Near term, while bounces stay below 7565.11, expect the Index to turn lower towards 7431.27 – 7480.95 area to complete Intermediate wave (B). Afterwards, Index should resume the rally to new high or at least bounce in 3 waves. We don’t like selling the proposed pullback.

FTSE 1 Hour Elliott Wave Analysis

Zigzag is a 3 waves corrective pattern which is labelled as ABC. The subdivision of wave A is in 5 waves, either as impulse or diagonal. The subdivision of wave B can be any corrective structure. Finally, the subdivision of wave C is also in 5 waves, either as impulse or diagonal. Thus, zigzag has a 5-3-5 structure. Wave C typically ends at 100% – 123.6% of wave A.

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