Cycle from 10.13.2022 low in FTSE ended at 7600.11 on 12.1.2022 as wave (1). Subdivision of wave (1) unfolded as a 5 waves impulse structure. Up from 10.13.2020 low, wave 1 ended at 7017.4 and pullback in wave 2 ended at 6864.13. The Index extends higher again in wave 3 towards 7498.34, and pullback in wave 4 ended at 7420. Final leg wave 5 ended at 7599.70 which completed wave (1).
Wave (2) pullback is currently in progress as a zigzag Elliott Wave structure. Down from wave (1), wave (i) ended at 7429 and rally in wave (ii) ended at 7553.36. Index extends lower in wave (iii) towards 7305.72, rally in wave (iv) ended at 7385.38 and final leg lower wave (v) ended at 7302.82. This completed wave ((i)) of A. Index should now rally in wave ((ii)) of A to correct cycle from 12.1.2022 high before the decline resumes. Subdivision of wave ((ii)) is proposed to be in a zigzag in lesser degree. Up from wave ((i)), first leg wave (a) ended at 7389.92. Expect Index to pullback in wave (b), then extends higher again in wave (c) to complete wave ((ii)) before the decline resumes. Near term, as far as pivot at 7500.11 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
