HomeContributorsTechnical AnalysisElliott Wave Analysis: FTSE Inflection Area For Next Leg Lower

Elliott Wave Analysis: FTSE Inflection Area For Next Leg Lower

Latest Elliott Wave view in FTSE suggests that the Index ended Primary wave ((B)) at 7326.02 on 2/27/2018 high. From there, Index starts a decline which is unfolding as a 5 waves impulse Elliott Wave structure with an extensionin wave (3). Down from 2/27/2018 high, Intermediate wave (1) ended at 7062.13, Intermediate wave (2) ended at 7256.33, and Intermediate wave (3) is in progress.

In a 5 waves impulse structure, subdivision of wave (1), (3), and (5) are themselves also in 5 waves (impulsive) in the smaller degree. In the case of FTSE, subdivision of Intermediate wave (1) unfolded as 5 waves impulse where Minor wave 1 ended at 7272.87, Minor wave 2 ended at 7312.92, Minor wave 3 ended at 7063.42, Minor wave 4 ended at 7104.66, and Minor wave 5 of (1) ended at 7062.13. Subdivision of Intermediate wave (2) unfolded as a zigzag Elliott Wave structure where Minor wave A ended at 7197.80, Minor wave B ended at 7109.56, and Minor wave C of (2) ended at 7256.33.

Intermediate wave (3) is currently in progress and also subdivided as 5 waves where Minor wave 1 ended at 6866.94. Minor wave 2 bounce is in play to correct cycle from 3/12/2018 high (7256.33) towards 7099.69 – 7208.97 before the decline resumes. While bounces stay below 7256.33 in the first degree, expect sellers to appear at 7099.69 – 7208.97 and bring the Index lower to resume the Intermediate wave (3) decline. We don’t like buying the Index.

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