FTSE 100, in its 12-hour chart, moves in the upper line of a potential triangle structure in progress. The current bullish segment of the sideways formation tests the previous high reached on past December 27th.
The scenario corresponds to an alternative Elliott Wave count of FTSE 100, which considers the current sequence of a potential triangle structure in progress.
According to this count, the British index could be running in a wave 4 of Minor degree labeled in green. At the same time, the price could be advancing in a wave b of Minute degree marked in black. If this scenario is correct, the completion of the bullish leg that began on October 03rd at 7,006.6 pts could end soon.
A short position will be trigger if the price drops and closes below 7,597.4 points, which could drive to the British index to find as a first profit target at 7,532.3 points.
The potential bearish movement could extend its retraces to 7,427 pts until 7,266.5 pts.
The invalidation level of our bearish scenario locates at 7,722.4 pts.
Trading Plan Summary
Entry Level: 7,597.4 pts.
Protective Stop: 7,722.4 pts.
1st Profit Target: 7,532.3 pts.
2nd Profit Target: 7,427.0 pts.
3rd Profit Target: 7,266.5 pts.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
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