Elliott Wave View: FTSE Can See Another Leg Higher

Short term Elliott Wave view in FTSE suggests that the decline to 6534.59 ended wave ((A)). Wave ((B)) bounce is in progress as a zigzag Elliott Wave structure. Up from 6534.59, wave (A) ended at 7001.94. The internal of wave (A) unfolded as a 5 waves Impulse Elliott Wave structure. Wave 1 ended at 6752.54, wave 2 ended at 6599.48, wave 3 ended at 6938.31, wave 4 ended at 6860.82 and wave 5 of (A) ended at 7001.94.

Wave (B) is currently in progress to correct cycle from December 27, 2018 low as a Flat Elliott Wave structure. Down from 7001.94, wave A ended at 6841.74 and wave B ended at 6987.93. Wave C remains in progress as a 5 waves where wave ((i)) of C ended at 6880.69. Short term, while wave ((ii)) bounce stays below 6987.93, Index can see more downside to end the 5 waves down in wave C of (B). Potential target for wave (B) is 6646 6769, which is 50 76.4 Fibonacci retracement from December 27, 2018 low. Afterwards, as far as pivot at 6534.59 low stays intact in the pullback, Index can resume higher again.

FTSE 1 Hour Elliott Wave Chart

FTSE