FTSE 100 Elliott Wave Analysis

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 FTSE 100 daily chart


Analysis

As shown in the above chart, FTSE 100 is an index of UK and looking at the chart one can easily interpret that the direction of the index is negative. Firstly the index broke the rising trend line followed by triangle pattern which was broken recently, thereafter there was re-testing of the pattern, thus opening the possibility for prices to slump.

The volumes play important role in any pattern breakout, when the symmetrical pattern was broken (downside) there was a rise in volumes which gives the validity of the pattern.

From Waves perspective, after complex correction (w-x-y) there was a symmetrical pattern formation happening at the top finally completing wave y. After completing the pattern, prices are moving in a impulse fashion where it is on the brink to complete wave iv and then wave v on the downside is pending.

The summation is FTSE 100 is all set to plunge towards 6500 levels over short to medium term.

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