The short-term view of Elliott waves on the FTSE suggests that the rally from the September 20, 2021 low is unfolding as a 5 wave pulse. Up from the September 20 low, Wave 1 ended at 7159.61 and Wave 2 declines ended at 6,945.50. The index then goes up in wave 3 towards 7281.176, and the pullback in wave 4 ended at 7192.05. The internal subdivision of Wave 4 unfolded as a zigzag structure, as shown in the 30 minute chart below. Lower from wave 3, wave ((a)) ended at 7,219.71 and wave ((b)) ended at 7,251.55. Wave ((c)) of 4 lower ended at 7,192.05.

Upper wave 5 is currently underway with internal subdivision as another impetus to a lesser degree. Up from wave 4, wave ((i)) ended at 7,303.39 and the pullback of wave ((ii)) ended at 7,232.28. The wave rally ((iii)) is underway as another impetus to a lesser degree. Rising from wave ((ii)), wave (i) ended at 7331.25 and the declines in wave (ii) ended at 7268.79. In the short term, expect wave (iii) to end soon, then it should retreat into wave (iv) before the next higher step in wave (v) of ((iii)). In the short term, as long as the pivot at 7232.28 remains intact, expect the declines to find support in 3, 7, or 11 swing for more upside.

FTSE 30 Minutes Elliott Wave Chart The short-term view of Elliott’s waves on FTSE suggests that the rally from the September 20, 2021 low is unfolding as a 5 wave pulse. Up from the September 20 low, Wave 1 ended at 7159.61 and Wave 2 declines ended at 6,945.50. The index then goes up in wave 3 towards 7281.176, and the pullback in wave 4 ended at 7192.05. The internal subdivision of Wave 4 unfolded as a zigzag structure, as shown in the 30 minute chart below. Down from wave 3, wave ((a)) ended at 7,219.71 and wave ((b)) ended at 7,251.55. Wave ((c)) of 4 lower ended at 7,192.05.

Upper wave 5 is currently underway with internal subdivision as another impetus to a lesser degree. Up from wave 4, wave ((i)) ended at 7,303.39 and the pullback of wave ((ii)) ended at 7,232.28. The wave rally ((iii)) is underway as another impetus to a lesser degree. Rising from wave ((ii)), wave (i) ended at 7331.25 and the declines in wave (ii) ended at 7268.79. In the short term, expect wave (iii) to end soon, then it should retreat into wave (iv) before the next higher step in wave (v) of ((iii)). In the short term, as long as the pivot at 7232.28 remains intact, expect the declines to find support in 3, 7, or 11 swing for more upside.

FTSE 30-Minute Elliott Wave Chart


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