FTSE Elliottwave Analysis: Pullback before higher again

Daud Bhatti ElliottWave-Forecast.com

Short term Elliott Wave count suggests that pullback to 6640 at 9/15 ended wave (X). The rally from there is unfolding as a double three where wave (w) ended at 6899.5, wave (x) ended at 6728.5, and wave (y) of ((w)) is proposed complete at 7091.5. Near term, while bounces stay below 7091.5, expect wave ((x)) pullback in 3, 7, or 11 swing to correct cycle from 9/15 (6638.5) low before the Index resumes higher again, provided that 9/15 pivot at 6638.5 remains intact.

Author

Daud Bhatti

ElliottWave-Forecast.com

Daud Bhatti (Partner & Senior Analyst) joined Elliottwave-Forecast.Com in 2011 and only after a year was promoted to the position of Senior Analyst.

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