FTSE Elliott Wave View: Calling For Another Leg Lower

FTSE short-term Elliott Wave view suggests that the bounce to 7904.97 high on 5/22/2018 peak ended primary wave ((1)). Below from there, the index is doing a pullback in Primary wave ((2)) in 3, 7 or 11 swings to correct cycle from 3/23/2018 low. Down from 7904.97 high, the decline to 7610.66 low ended the first leg of the pullback in Intermediate wave (W). The internals of Intermediate wave (W) unfolded as Elliott wave Zigzag structure where Minor wave A ended at 7703.26, Minor wave B ended at 7738.46, and Minor wave C of (W) ended at 7610.66. Up from there, the bounce to 7793.45 high ended the correction against 5/22/2018 cycle in Intermediate wave (X). The internals of Intermediate wave (X) unfolded as double three structure where Minor wave W ended at 7772.12, Minor wave X ended at 7637.52 and Minor wave Y of (X) ended at 7793.45.

Then down from there, the index has made a new low below Intermediate wave (W) at 7610.66 low confirming the next leg lower within intermediate wave (Y) of ((2)) has started. Near-term, while below 7793.45 high, the rally is expected to fail in 3, 7 or 11 swings for another leg lower towards 7435.72 – 7504.01, which is 100%-123.6% Fibonacci extension area of Intermediate wave (W)-(X) to complete Primary wave ((2)). Afterwards, the index is expected to find buyer’s either for a new high or for 3 wave bounce at least. We don’t like selling it in the proposed pullback.

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate... More

Disclainer: Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN elliottwave-forecast.com is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be sued and/or charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.