FTSE 15 minutes chart below shows that the index has ended the cycle from June 25 low at 6303.40 high as a double three Elliott Wave Structure. Up from June 25 low, wave ((w)) ended at 6262.13 high. Wave ((x)) dip ended at 6087.70 low. The pair then extended higher in wave ((y)), which ended at 6303.40 high. This completed wave 2 in higher degree. The Index has since declined lower from that high.
Down from wave 2 high, the index ended wave ((i)) at 6152.88 low. The internal subdivision of wave ((i)) unfolded as 5 waves impulse Elliott Wave Structure. The bounce in wave ((ii)) then ended at 6208.43 high. Wave ((iii)) is currently in progress. Down from wave ((ii)), wave (i) of ((iii)) ended at 6144.52 low and wave (ii) bounce ended at 6134.37 high. Wave (iii) is currently in progress and could see another low before a bounce in wave (iv) can be seen. While below 6303.40 high, expect the bounce in 3,7, or 11 swings to fail for more downside. The downside target for FTSE would be the equal leg area from June 8 high at 5647-5780.
Down from wave 2 high, the index ended wave ((i)) at 6152.88 low. The internal subdivision of wave ((i)) unfolded as 5 waves impulse Elliott Wave Structure. The bounce in wave ((ii)) then ended at 6208.43 high. Wave ((iii)) is currently in progress. Down from wave ((ii)), wave (i) of ((iii)) ended at 6144.52 low and wave (ii) bounce ended at 6134.37 high. Wave (iii) is currently in progress and could see another low before a bounce in wave (iv) can be seen. While below 6303.40 high, expect the bounce in 3,7, or 11 swings to fail for more downside. The downside target for FTSE would be the equal leg area from June 8 high at 5647-5780.
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