FTSE 100: Triple Correction and Forecasting Anticipated Happened

-
On 19th March 2014 we had published an article on FTSE 100: Triple Correction and Forecasting where we had mentioned the levels for this index and had done forecasting. The reason why we had shown the forecasting is to make people believe that Elliott Wave not only works for short time frame but also works on long term perspective.

In this article we had mentioned “From the below daily chart of FTSE 100, we can see that prices are moving precisely in an upward sloping blue channel. Recently it has bounced from the support of the channel and also there is a time cycle of 15 days which has been working very well to catch the possible top and bottom. Prices are arriving near the time cycle which is on 20th March 2014 and also it has shown a reversal sign which is positive for this index. Momentum indicator RSI has also bounced from the support of level 30. This is a very good level as it has earlier bounced from this level (marked by blue arrows).

As per wave theory, prices are moving in a triple correction (a-b-c-x-a-b-c-x-a-b-c). In this correction wave x occurs twice, normally this happens when the asset class fails to achieve the target. Recently after completing double correction, prices came down in a corrective fashion which clearly suggests that it has turned from double to triple correction. The index can now move up from here onwards.

In short, expect FTSE 100 to move up from current levels and can test 6850 over short term in the form of wave a.”


We were very accurate in mentioning the levels of FTSE 100 as it made a high of 6880 as on 14th May 2014, thus achieving our mentioned level of 6850.

 FTSE 100 Daily Chart 
Anticipated

Happened
                                


To view our article dated on 9th March 2014 FTSE 100: Triple Correction and forecasting click on the link given below
http://marketanalysiswithmeghmody.blogspot.in/2014/03/ftse-100-triple-correction-and.html

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more