Short-term Elliott wave view in FTSE suggests cycle from September 20, 2021 low has ended with wave (1) at 7403.36. The Index is currently correcting that cycle within wave (2). Internal subdivision of wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave ((i)) ended at 7342.61 and rally in wave ((ii)) ended at 7370.01. Index resumes lower in wave ((iii)) towards 7241.99 and bounce in wave ((iv)) ended at 7289.51. Final leg lower wave ((v)) ended at 7198.76 and this completed wave A.
Rally in wave B is in progress to correct cycle from November 12, 2021 high. Internal subdivision of the rally is unfolding as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 7307.89 and pullback in wave ((b)) ended at 7245.98. Near term, expect the Index to extend higher in wave ((c)) towards 100%-123.6% extension area at 7355.55 – 7381.47 . This should complete wave B in higher degree before the Index turns lower. As far as pivot at 7403.36 high remains intact, expect the rally to fail in 3, 7, or 11 swing for further downside in wave C.