Elliott Wave view suggests FTSE ended a double three correction in wave ((ii)) on July 25 low (7464.50). We can see from the chart below the internal of wave ((ii)) as a double three. Wave (w) ended at 7475.49, wave (x) ended at 7598.60, and wave (y) of ((ii)) ended at 7464.50. After ending wave ((ii)) pullback, the rally in FTSE from July 25 low (7464.50) is unfolding a 5 waves impulse structure. In addition, the Index also shows an Elliott Wave bullish sequence from June 3 low (7079.71) and December 27, 2018 low (6536.53). This suggests that further upside is favored as far as pivot at 7464.50 low stays intact.
Up from 7464.50 low, wave i ended at 7506.85, wave ii ended at 7486.74, and wave iii ended at 7711.34. Expect Index to pullback in wave iv then do another leg higher in wave v before ending wave (i) in higher degree. Alternatively, wave (i) could have already ended and Index can start wave (ii) pullback already. Wave (ii) pullback should unfold in 3, 7, or 11 swing. As far as pivot at 7464.50 low stays intact, expect Index to see more upside.
FTSE 1 Hour Elliott Wave Chart
