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FTSE Short Term Elliott Wave: Expecting a Turn

Best reading of Elliott Wave cycles suggests rally to 7129.8 ended wave W. The Index is currently in wave X pullback as a double three where wave ((w)) ended at 6930 and wave ((x)) ended at 7067.34. The Index has reached 123.6% of the ((w))-((x)) and expected to end wave X somewhere between 6745 - 6820 area for either a new high or at least a 3 waves bounce to correct the decline from 7129.8 peak. While the pullback remains above 6745, and more importantly as far as pivot at 9/12 low (6654.8) remains intact, the Index is likely to find buyers in the area above for at least a 3 waves bounce.

FTSE Short-Term Elliott Wave Analysis Chart
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