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FTSE Forecasting The Path using Elliott Wave


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FTSE Forecasting The Path using Elliott Wave

Hello fellow traders. In this technical blog were going to take a quick look at the past Elliott Wave charts of FTSE published in members area ofwww.elliottwave-forecast.com. In further text were going to count the swings, explain the Elliott Wave view.
As our members know, we were explaining that FTSE is having incomplete bullish swings sequences in weekly cycle from the 2009 low. Due to incomplete sequences we knew that Index will keep finding buyers in3,7,11 swings. We recommended our members to avoid selling the index, keep favoring the long side.

FTSE Elliott Wave 1 Hour Chart 10.24.2017

Cycle from the 7196.01 has unfolded as 5 waves structure labeled as wave (A) blue. Although its not showing high-probability tradable sequences in lower time frame, we knew that index will keep finding buyers after completing 7 swings. Currently FTSE is proposed to be doing (B) blue pull back, correcting the entire cycle from the 1796 low. Were expecting another leg lower ( 7th swing) toward 7481.44-7431.76 area, before buyers appear for further rally ideally. Proposed pull back is unfolding as Double Double Three structure WXY.

FTSE1

FTSE Elliott Wave 1 Hour Chart 10.26.2017

We got proposed push lower in 7th swing. Sellers were strong and manage to break below 1.236 Fibo Extension:7462.96. However, the price still holds above 1.618 Fibo extension:7432.25 and while it holds that level, we expect buyers to appear for further rally ideally or 3 wave bounce alternatively. Pull back is at the extreme, and about to complete as 7 swings structure (labeled on the chart below).

FTSE2

FTSE Elliott Wave 1Hour Chart 11.14.2017

FTSE held above 1.618 Fibo extension (7432.25) and found buyers as expected. After ending 7 swings correction as wave (B) blue, the index has rallied, making nice sepparation from the inflection area . Eventually FTSE has made the new peak. The price has reached short term technical area 7574.5-7596.8, which represent extreme zone in the short term cycle from the 7437.11 low. Short term traders will be taking profits and we might see pull back from there. Current price action is interesting and believe that were having clear path for the period of next few weeks . We have removed labels to protect our clients priviliges. If youre interested in new Elliott Wave forecasts of FTSE , you can find them in the membership area of EWF. If youre not a member yet, all you have to do is Sign up here for Free 14 Days Trial.

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a 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 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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