FTSE is at an interesting level. It has completed five waves to the upside after a major correction. These five waves could form an A wave of an ABC correction or the first wave of a new Elliott wave to the upside. Regardless, it is likely to complete another set of five waves to the upside either as Wave c or as Wave iii after completing the correction underway in Wave B or Wave ii.
To complete wave b or ii currently underway, FTSE is expected to first recover and then drop to around 6700 level from where wave iii or c could start.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
To complete wave b or ii currently underway, FTSE is expected to first recover and then drop to around 6700 level from where wave iii or c could start.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
Bigger picture
Comment:
FTSE has moved nicely along the purple b wave. It is almost there and the next move is likely to be down in purple c wave to complete the ii blue (or red b) wave around 6700 levels as shown in the chart.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Trade closed: target reached
