Hello Traders,
In this analysis, we will have a look at the FTSE -0.03% Index in the 4-hour chart.
FTSE -0.03% cycle from 2/11/16 low ended at the peak of 01/12/18 (7792.56) in red wave a, and red wave b pullback is proposed to be completed at 03/26/18 low (6869.79).
Up from there, black wave ((1)) ended at 7904.55 peak. The rally from 03/26/18 low can be sub-divided in 5 waves with an extended wave 3. Where blue wave (1) ended at 03/27/18 peak (7046.9). Below from there, it ended blue wave (2) correction at 03/28/18 low (6923.9).
Up from that low, it ended blue wave (3) at the peak of 05/15 peak (7752.9) and blue wave (4) pullback at 05/17 low (7714.6). Up from there, it ended the cycle from 03/26/18 low in black wave ((1)) at the peak of 05/22 (7907.9).
Short-term it has ended the cycle from 05/22/18 peak (7904.55) at 05/29/18 low (7609.8) in blue wave (W) and ended the correction to that cycle in blue wave (X) at 06/14/18 peak (7792.9). While pullbacks stay below blue wave (X) peak, it is expected to see more downside to the equal legs - 1.236 extension area of blue ( W ) - ( X ) which should offer us a good buying opportunity as long as the pivot at 6869.79 in our distribution system stays intact.
In this analysis, we will have a look at the FTSE -0.03% Index in the 4-hour chart.
FTSE -0.03% cycle from 2/11/16 low ended at the peak of 01/12/18 (7792.56) in red wave a, and red wave b pullback is proposed to be completed at 03/26/18 low (6869.79).
Up from there, black wave ((1)) ended at 7904.55 peak. The rally from 03/26/18 low can be sub-divided in 5 waves with an extended wave 3. Where blue wave (1) ended at 03/27/18 peak (7046.9). Below from there, it ended blue wave (2) correction at 03/28/18 low (6923.9).
Up from that low, it ended blue wave (3) at the peak of 05/15 peak (7752.9) and blue wave (4) pullback at 05/17 low (7714.6). Up from there, it ended the cycle from 03/26/18 low in black wave ((1)) at the peak of 05/22 (7907.9).
Short-term it has ended the cycle from 05/22/18 peak (7904.55) at 05/29/18 low (7609.8) in blue wave (W) and ended the correction to that cycle in blue wave (X) at 06/14/18 peak (7792.9). While pullbacks stay below blue wave (X) peak, it is expected to see more downside to the equal legs - 1.236 extension area of blue ( W ) - ( X ) which should offer us a good buying opportunity as long as the pivot at 6869.79 in our distribution system stays intact.
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