On the Daily chart of UK100 index we are looking at a higher degree impulse taking place with price specifically trading in final wave (v) of a five wave move. As we can see market activity displayed a five wave pattern in the previous fourth wave correction, that is also known as an Elliott Wave triangle. This is a continuation pattern that occurs prior to the final wave within higher cycle. That said we need to see a decisive break above the wave d swing of the triangle for a confirmation that correction is really over and that more upside may follow.
I like your chart but disagree. My own opinion is that FTSE is still trying to make wave v of 3. I think wave 3 is going for 1.618 of 1 in the 7240 area. This is confirmed by the recent low near 6700 being at 61.8 of W3 suggesting that it was wave iv of 3. However I certainly agree that FTSE is trying for a large five wave advance and that W1 was a very clean five wave upwards move.
@ew-forecast, here's my own chart for FTSE. You can see that I am rather confused about the triangular wave iv, and I'm interested in your alternative explanation that it could have been an irregular triangle. Notice how your triangle ends at the 38.2 from the expected top at 7280 which might validate your interpretation. The current rise might continue straight to the target at 7280, but I can see an alternative where the current rise might develop into a rising wedge.