We have an important uptrend on W1 chart and now we have on D1 chart an important uptrend too.
The price make the same move on this impulse of the price, you can see it on the graph.
I expect now a retracement to the trend line and after the price to continue up!
Just in case: If the price breakout this high point that we have right now, i will...
This has retraced as expected to previous resistance and 0.5 Fibonacci. I will be waiting to see how this develops before entering a long as this could drop further, watch for the EMA's to cross back over or come very close to. If the price does hold this level then a target TP can be 7031.
Elliott Wave view on FTSE calls the rally from February 28, 2019 low (7041) as an impulse Elliott Wave structure. An impulse is a 5 waves structure with wave 1, 3, and 5 all subdivide in 5 waves of lesser degree. Up from 7041 low, wave 1 ended at 7370.6 and wave 2 ended at 7146.29 and Wave 3 ended at 7477 peak. Up from 7146.29, wave ((i)) ended at 7222.64, wave...
UKX is approaching our first support at 6768 (61.8% & 100% Fibonacci extension , 50% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 7045 (38.2% &50% Fibonacci retracement , 61.8% Fibonacci extension ).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.