• 92 days Could Crypto Overtake Traditional Investment?
  • 97 days Americans Still Quitting Jobs At Record Pace
  • 99 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 102 days Is The Dollar Too Strong?
  • 102 days Big Tech Disappoints Investors on Earnings Calls
  • 103 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 105 days China Is Quietly Trying To Distance Itself From Russia
  • 105 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 109 days Crypto Investors Won Big In 2021
  • 109 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 110 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 112 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 113 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 116 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 117 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 117 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 119 days Are NFTs About To Take Over Gaming?
  • 120 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 123 days What’s Causing Inflation In The United States?
  • 124 days Intel Joins Russian Exodus as Chip Shortage Digs In
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 100 Elliott Wave View: Turning Lower

Short Term Elliott Wave view in FTSE 100 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 100 has since broken above 7302.57 suggesting Minute wave ((c)) has started.

Minute wave ((c)) is unfolding 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 we are calling Minor wave 1 completed at 7533.7. Expect FTSE 100 to correct cycle from 4/20 low 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.

If the Index does not do a decent pullback from here to correct cycle from 4/20 low, then the move from 4/20 low could be labelled as a regular 5 waves Impulse Elliott Wave structure in which case we are ending Minor wave 3 at recent high (7533.7) and the Index will do shallow pullback in Minor wave 4 and then extend higher again in Minor wave 5 before ending cycle from 4/20 low and see larger pullback. In both cases, we don’t like selling the Index and expect buyers to appear in the dips in 3, 7 or 11 swings.

FTSE 100 1 Hour Elliott Wave Chart

(Click to enlarge)

By Elliotwave Forecast for Safehaven.com

Back to homepage

Leave a comment

Leave a comment