FTSE 100 Wave Analysis

  • FTSE 100 index falling strongly
  • Likely to fall to support level 7440.00

FTSE 100 index falling strongly after the price failed to break above the major resistance level 7700.00 (which has been repeatedly reversing the index from June of last year).

The resistance level 7700.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward impulse from February.

FTSE 100 index can be expected to fall further to the next support level 7440.00 (which stopped the two of the pervious waves ii and i).

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