• 21 hours The EU Begins Backtracking On China Trade
  • 2 days Americans Are Sick Of Unfair Taxation
  • 4 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 6 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 7 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 8 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 10 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 11 days The New Economic World Order After Covid-19
  • 15 days 3 Signals To Watch For A Stock Market Correction
  • 17 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 18 days Wall Street Banks Are Back
  • 18 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 19 days Which Country Is The World’s Largest Investor In Batteries?
  • 21 days Are Bitcoin’s Environmental Risks Overblown?
  • 21 days Why The Gold Rush Ran Out Of Steam
  • 24 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 24 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 25 days The Pandemic Has Culled The Middle Class
  • 26 days Legacy Automakers See Massive Spike In Sales
  • 27 days Tesla's Biggest Competitor Is Going Cobalt-Free
Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

FTSE Index Elliott Wave View: Ending A Cycle

Short Term Elliott Wave view in FTSE Index suggests the rally from 4/20 low (7096.6) is unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 7302.57 and Minute wave ((b)) ended at 7197.28. Subdivision of Minute wave ((a)) is unfolding as an impulse where Minuttte wave (i) ended at 7134.53, Minutte wave (ii) ended at 7104.22, Minutte wave (iii) ended at 7290.82, Minutte wave (iv) ended at 7262.32, and Minutte wave (v) of ((a)) ended at 7302.57. FTSE Index has since broken above 7302.57 suggesting Minute wave ((c)) has started.

Minute wave ((c)) is currently in progress as an ending diagonal where Minutte wave (i) ended at 7280.7, Minutte wave (ii) ended at 7222.81, Minutte wave (iii) ended at 7460.20, and Minutte wave (iv) ended at 7435.64. Index has reached 1.618 extension of the Minute ((a)) – ((b)) and thus cycle from 4/20 low is mature and Minor wave 1 can be called completed at 7533.7. Expect FTSE Index to correct cycle from 4/20 low soon within Minor wave 2 in 3, 7, or 11 swing before the rally resumes. We don’t like selling the proposed pullback and expect buyers to appear again when Minor wave 2 pullback is over in 3, 7, or 11 swing.

FTSE Index 1 Hour Elliott Wave Chart

(Click to enlarge)

Back to homepage

Leave a comment

Leave a comment