FTSE Short-term Elliott Wave Analysis 11.2.2016

Best reading of Elliott wave cycles suggests rally to 7129.8 ended wave W. The Index is currently in wave X pullback as a double three where wave ((w)) ended at 6930 and wave ((x)) ended at 7067.34. While bounces stay below 7067.34, and more importantly below 7129.8, expect more downside in wave ((y)) of X towards 6821.1 – 6868.4 area before Index turns higher. We don’t like selling the proposed pullback and expect buyers to appear in the area above for at least a 3 waves bounce as far as pivot at 9/15 low (6654.8) remains intact in the first degree.

$UKX-FTSE 6020161101094028

At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything we have to offer.