FTSE Elliott Wave Analysis: Ended Correction

FTSE Elliott Wave view suggests that decline to 7199.5 ended Primary wave ((4)). Up from there, the rally is unfolding as an impulse Elliott Wave structure where Minor wave 1 ended at 7327.5 and pullback to 7289.75 ended Minor wave 2. Rally to 7494.34 ended Minor wave 3, and pullback to 7473.12 ended Minor wave 4. Minor wave 5 ended at 7565.11 and this also ended Intermediate wave (A) of a zigzag Elliott Wave structure from 9/15 low (7199.5).

Intermediate wave (B) pullback unfolded as a double three Elliott Wave structure where Minor wave W of (B) ended at 7485.42, Minor wave X of (B) ended at 7560.04 and Minor wave Y of (B) ended at 7437.42. Near term, while pullbacks stay above 7347.42, and more importantly as far as pivot at 9/15 low (7196.09) stays intact, expect Index to extend higher. We don’t like selling the Index.

FTSE 1 Hour Elliott Wave Analysis

FTSE 1 Hour Oct 27

Zigzag is a 3 waves corrective pattern which is labelled as ABC. The subdivision of wave A is in 5 waves, either as impulse or diagonal. The subdivision of wave B can be any corrective structure. Finally, the subdivision of wave C is also in 5 waves, either as impulse or diagonal. Thus, zigzag has a 5-3-5 structure. Wave C typically ends at 100% – 123.6% of wave A.


USDJPY Elliott Wave View 10.20.2017

Source : https://elliottwave-forecast.com/stock-market/ftse-elliott-wave-ended-correction/