FTSE Short Term Elliott Wave Update 12.4.2015

Revised short term reading of the Elliott Wave cycle suggests the decline from 10/23 peak at 6488.18 is unfolding as a double three where wave (W) ended at 6079.8, wave (X) ended at 6447.34, and wave (Y) is in progress. Internal of wave (Y) is also in a double three where wave W is expected to complete at 6206.4 – 6274.75, then it should bounce in wave X before turning lower again. As far as 6488.18 pivot stays intact in wave X bounce, expect sellers to come and push the Index lower.

$UKX-FTSE 6020151203221420

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