Elliott Wave View: FTSE Can See Another Leg Higher
|Short term Elliott Wave view in FTSE suggests that the decline to 6534.59 ended wave ((A)). Wave ((B)) bounce is in progress as a zigzag Elliott Wave structure. Up from 6534.59, wave (A) ended at 7001.94. The internal of wave (A) unfolded as a 5 waves Impulse Elliott Wave structure. Wave 1 ended at 6752.54, wave 2 ended at 6599.48, wave 3 ended at 6938.31, wave 4 ended at 6860.82 and wave 5 of (A) ended at 7001.94.
Wave (B) is currently in progress to correct cycle from December 27, 2018 low as a Flat Elliott Wave structure. Down from 7001.94, wave A ended at 6841.74 and wave B ended at 6987.93. Wave C remains in progress as a 5 waves where wave ((i)) of C ended at 6880.69. Short term, while wave ((ii)) bounce stays below 6987.93, Index can see more downside to end the 5 waves down in wave C of (B). Potential target for wave (B) is 6646 – 6769, which is 50 – 76.4 Fibonacci retracement from December 27, 2018 low. Afterwards, as far as pivot at 6534.59 low stays intact in the pullback, Index can resume higher again.
FTSE 1 Hour Elliott Wave Chart
FTSE Chart of The Day Video
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.