FTSE 100 (UK) Index Elliott Wave Technical Analysis
FTSE 100 (UK) Elliott Wave Analysis Trading Lounge Day Chart
FTSE 100 (UK) Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange Wave 5
POSITION: Navy Blue Wave 3
DIRECTION NEXT LOWER DEGREES: Navy Blue Wave 4
DETAILS: Orange wave 4 looking completed. Now orange wave 5 of navy blue wave 3 is in play. Wave Cancel invalid level: 7700.13
The FTSE 100 Elliott Wave analysis on the daily chart provides an insightful overview of the current market conditions using Elliott Wave Theory. Here's a detailed breakdown:
- Trend Identification: The market is trending, following a specific direction, not exhibiting sideways or erratic movements.
- Impulsive Mode: The current wave aligns with the overall trend, indicating strong market movement and a continuation of the prevailing trend.
- Wave Structure: We are in orange wave 5, the final wave in the impulsive sequence of the Elliott Wave cycle. This wave suggests the last leg of the upward movement before a potential larger correction.
- Current Position: Positioned in navy blue wave 3, indicating an upward phase within the larger impulsive trend.
- Next Lower Degrees Direction: After orange wave 5 completes, navy blue wave 4 is expected, marking a corrective phase, typically a pullback or retracement, before potentially resuming the upward trend.
(Click on image to enlarge)
FTSE 100 (UK) Elliott Wave Analysis Trading Lounge Weekly Chart
FTSE 100 (UK) Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange Wave 5
POSITION: Navy Blue Wave 3
DIRECTION NEXT LOWER DEGREES: Navy Blue Wave 4
DETAILS: Orange wave 4 looking completed. Now orange wave 5 of navy blue wave 3 is in play. Wave Cancel invalid level: 7700.13
The FTSE 100 Elliott Wave analysis on the weekly chart provides a comprehensive overview of the current market conditions using Elliott Wave Theory. Here's a detailed breakdown:
- Trend Identification: The market is trending, moving in a specific direction rather than sideways or erratic movements.
- Impulsive Mode: The current wave aligns with the overall trend, indicating strong market movement and a continuation of the prevailing trend.
- Wave Structure: We are in orange wave 5, the final wave in the impulsive sequence of the Elliott Wave cycle. This wave suggests the last leg of the upward movement before a potential larger correction.
- Current Position: Positioned in navy blue wave 3, indicating an upward phase within the larger impulsive trend.
- Next Lower Degrees Direction: After orange wave 5 completes, navy blue wave 4 is expected, marking a corrective phase, typically a pullback or retracement, before potentially resuming the upward trend.
Key Details:
- Completion of Orange Wave 4: Orange wave 4 appears complete, indicating the market is now in orange wave 5 of navy blue wave 3, a critical phase for traders looking to capitalize on the impulsive trend.
- Wave Cancellation Invalid Level: Set at 7700.13. Falling below this point invalidates the current wave count, necessitating a reevaluation of the wave structure.
Summary:
The FTSE 100 weekly chart analysis identifies:
- An impulsive trend within orange wave 5.
- Positioning in navy blue wave 3.
- Upcoming corrective phase as navy blue wave 4 after orange wave 5 completes.
- Orange wave 4 completion and progression into orange wave 5 of navy blue wave 3.
- A significant wave cancel invalid level at 7700.13.
More By This Author:
Elliott Wave Technical Analysis: IBEX 35 (Spain) Index
Elliott Wave Technical Analysis: NextEra Energy Inc.
Unlocking ASX Trading Success: ASX Limited - Thursday, June 27
Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817