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

FTSE 100 (UK) Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Gray Wave 3.

Position: Orange Wave 5.

Direction: North.

Next higher degrees: Gray Wave 3 (started).

Details: Gray Wave 2 appears completed. Gray Wave 3 is now active.

Wave cancelation level: 7,920.18.

The FTSE 100 Elliott Wave Analysis for the daily chart outlines a bullish trend, showcasing a solid upward market movement. The mode of this movement is impulsive, meaning that the market is advancing with momentum in the direction of the dominant trend. Currently, the wave structure under focus is Gray Wave 3, which is progressing within the larger bullish sequence.

At this point, the market is situated in Orange Wave 5, a component of the broader Gray Wave 3. The analysis suggests that Gray Wave 2 has concluded, marking the end of its corrective phase. Now, Gray Wave 3 is actively progressing, signaling continued upward momentum as the market enters the next impulsive stage. According to Elliott Wave Theory, Wave 3 is typically the strongest and most extended within an impulsive trend, suggesting further potential market gains.

The next significant movement expected is Gray Wave 3, which adds to the expectation of sustained bullish momentum in the market. The current Orange Wave 5 further supports the notion that the market is in the advanced stages of this bullish push.

The key invalidation level to watch is 7,920.18. A market drop below this level would invalidate the current Elliott Wave Analysis, necessitating a reevaluation of both the wave structure and the overall market trend. This invalidation point acts as a crucial marker for confirming the continuation of the upward movement.

Summary:

The FTSE 100 Elliott Wave Analysis for the daily chart reflects a bullish trend, with Gray Wave 3 and Orange Wave 5 in progress. The market is anticipated to continue its rise, driven by the strong structure of Wave 3. Traders should keep an eye on the invalidation level of 7,920.18 to verify the ongoing bullish trend.

Chart

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

FTSE 100 (UK) Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Orange Wave 5.

Position: Navy Blue Wave 3.

Next lower degrees: Navy Blue Wave 4.

Details: Orange Wave 4 appears completed. Orange Wave 5 is now in progress.

Wave cancelation level: 7,920.18.

The FTSE 100 Elliott Wave Analysis for the weekly chart outlines an impulsive trend, indicating a strong upward movement in the market. The focus of this analysis is on the structure of Orange Wave 5, which is part of a larger bullish trend. Currently, the market is positioned in Navy Blue Wave 3, a significant phase in this impulsive trend.

The prior phase, Orange Wave 4, is now considered complete, signaling the end of its corrective period. Orange Wave 5 is currently active, pointing to a continuation of the upward movement. According to Elliott Wave Theory, Wave 5 typically marks the final stage of an impulsive structure, indicating that the market might be nearing the end of its current bullish cycle. However, this phase can still deliver substantial upward momentum.

Once Navy Blue Wave 3 completes, the next anticipated movement is Navy Blue Wave 4, which is expected to introduce a corrective phase before any further advances. This correction would come after the completion of the ongoing Wave 5, but until that point, the market is expected to continue its rise.

The critical invalidation level for this analysis is 7,920.18. If the market dips below this level, the current Elliott Wave structure would become invalid, requiring a reassessment of the wave pattern. This level serves as a critical threshold for confirming the continuation of the upward trend.

Summary:

The FTSE 100 Elliott Wave Analysis for the weekly chart shows that Orange Wave 5 is currently unfolding, following the completion of Orange Wave 4. The market is positioned in Navy Blue Wave 3, with expectations of further upward movement. The invalidation level of 7,920.18 should be closely monitored to ensure the ongoing bullish trend.

Chart

Technical analyst: Malik Awais.

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

Share: Feed news

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Recommended content


Recommended content

Editors’ Picks

EUR/USD challenges 1.0500 on Dollar's bounce

EUR/USD challenges 1.0500 on Dollar's bounce

The US Dollar now picks up further pace and weighs on the risk-associated assets, sending EUR/USD to the boundaries of the key 1.0500 region and at shouting distance from its 2024 lows.

EUR/USD News
GBP/USD remains weak and puts 1.2600 to the test

GBP/USD remains weak and puts 1.2600 to the test

GBP/USD remains on the back foot and now approaches the key support at 1.2600 the figure in response to the resurgence of the bid bias in the Greenback.

GBP/USD News
Gold faces extra upside near term

Gold faces extra upside near term

Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.

Gold News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

Read more
A new horizon: The economic outlook in a new leadership and policy era

A new horizon: The economic outlook in a new leadership and policy era

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures