FTSE has been moving higher since 10.16 low in a corrective sequence which is incomplete. As per preferred Elliott Wave view, like more upside in the Index and we have 11 swings up from 10.16 low and while above 6334, we are expecting another 3 wave extension higher to complete 15 swings toward 100% extension at 6696. We don’t like selling the Index & view dips as a buying opportunity (ideally toward 6452 – 6424) as far as pivot at 6334 low remains intact. If pivot at 6334 low gives up, then Index would be correcting the entire cycle from 6073 (10.16) low and could reach test 6324 (50 fib) before it turned higher again as far as pivot at 6073 low remained intact. We don’t like selling the Index.
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