Short Term Elliott Wave view on FTSE suggests that rally from 8.18.2023 low is unfolding as a 5 waves impulse. Up from 8.18.2023 low, wave 1 ended at 7745.82 and pullback in wave 2 ended at 7279.86. Up from there, wave ((i)) ended at 7764.37 and wave ((ii)) pullback ended at 7404.08. The Index then extended higher in wave ((iii)) towards 8015.63 as the 1 hour chart below shows. Wave ((iv)) pullback ended at 7882.68 and wave ((v)) ended at 8044.98. This completed wave 3 in higher degree.
Pullback in wave 4 took the form of Elliott Wave zigzag structure. Down from wave 3, wave ((a)) ended at 7952.12 and wave ((b)) rally ended at 8009.52. Final leg wave ((c)) lower ended at 7791.84 which completed wave 4. The Index has resumed higher again in wave 5. Up from wave 4, wave (i) ended at 7898.77 and wave (ii) ended at 7809.68. Wave (iii) higher ended at 8076.52 and pullback in wave (iv) ended at 8021.67. Expect the Index to extend higher in wave (v) of ((i)). It then should pullback in wave ((ii)) to correct cycle from 4.16.2024 low before it resumes higher. Near term, as far as pivot at 7791.84 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.
