The FTSE 100 Elliott Wave analysis on the daily chart provides an insightful overview of the current market conditions using Elliott Wave Theory. Here's a detailed breakdown:

Trend Identification: The market is trending, following a specific direction, not exhibiting sideways or erratic movements.
Impulsive Mode: The current wave aligns with the overall trend, indicating strong market movement and a continuation of the prevailing trend.
Wave Structure: We are in orange wave 5, the final wave in the impulsive sequence of the Elliott Wave cycle. This wave suggests the last leg of the upward movement before a potential larger correction.
Current Position: Positioned in navy blue wave 3, indicating an upward phase within the larger impulsive trend.
Next Lower Degrees Direction: After orange wave 5 completes, navy blue wave 4 is expected, marking a corrective phase, typically a pullback or retracement, before potentially resuming the upward trend.

FTSE 100 (UK) Elliott Wave analysis weekly chart

Function: Trend.

Mode: Impulsive.

Structure: Orange Wave 5.

Position: Navy Blue Wave 3.

Direction next lower degrees: Navy Blue Wave 4.

Details: Orange wave 4 looking completed. Now orange wave 5 of navy blue wave 3 is in play. Wave Cancel invalid level: 7700.13.

The FTSE 100 Elliott Wave analysis on the weekly chart provides a comprehensive overview of the current market conditions using Elliott Wave Theory. Here's a detailed breakdown:

Trend Identification: The market is trending, moving in a specific direction rather than sideways or erratic movements.
Impulsive Mode: The current wave aligns with the overall trend, indicating strong market movement and a continuation of the prevailing trend.
Wave Structure: We are in orange wave 5, the final wave in the impulsive sequence of the Elliott Wave cycle. This wave suggests the last leg of the upward movement before a potential larger correction.
Current Position: Positioned in navy blue wave 3, indicating an upward phase within the larger impulsive trend.
Next Lower Degrees Direction: After orange wave 5 completes, navy blue wave 4 is expected, marking a corrective phase, typically a pullback or retracement, before potentially resuming the upward trend.

Key details:

Completion of Orange Wave 4: Orange wave 4 appears complete, indicating the market is now in orange wave 5 of navy blue wave 3, a critical phase for traders looking to capitalize on the impulsive trend.
Wave Cancellation Invalid Level: Set at 7700.13. Falling below this point invalidates the current wave count, necessitating a reevaluation of the wave structure.

Summary:

The FTSE 100 weekly chart analysis identifies:

An impulsive trend within orange wave 5.
Positioning in navy blue wave 3.
Upcoming corrective phase as navy blue wave 4 after orange wave 5 completes.
Orange wave 4 completion and progression into orange wave 5 of navy blue wave 3.
A significant wave cancel invalid level at 7700.13.

FTSE 100 (UK) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.