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

FTSE 100 (UK) Elliott Wave Analysis Trading Lounge Day Chart.

FTSE 100 (UK) Elliott Wave technical analysis

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 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]