FTSE 100 (UK) Index Elliott Wave Technical Analysis – Friday, August 2

FTSE 100 (UK) Elliott Wave Analysis – Day ChartFTSE 100 (UK) Elliott Wave Technical AnalysisFunction: TrendMode: ImpulsiveStructure: Orange Wave 5Position: Navy Blue Wave 3Direction Next Lower Degrees: Navy Blue Wave 4Details: Orange wave 4 looking completed. Now orange wave 5 of navy blue wave 3 is in play.Wave Cancel invalid level: 8,049.65The FTSE 100 Elliott Wave Analysis for the day chart shows a trend function with an impulsive mode. The current wave structure is identified as orange wave 5, which is part of the larger navy blue wave 3. This suggests that the market is experiencing a strong upward movement, driven by the final wave of the current impulsive sequence.The position within the wave structure is currently at navy blue wave 3. This indicates that the market is in the third wave of a larger degree trend, implying that this is typically the most powerful and extended wave in Elliott Wave theory. Following this, the market is expected to enter navy blue wave 4, a corrective phase that will temporarily counter the primary upward trend before resuming.The analysis details that orange wave 4 is looking completed. This means the market has likely finished its corrective phase and is now transitioning into orange wave 5 of navy blue wave 3. This new phase represents the final push of the current impulsive sequence before entering a larger corrective phase. The completion of orange wave 4 suggests that the market has digested its previous gains and is ready for another upward movement.The wave cancel invalid level is set at 8,049.65. This level is crucial for validating the current wave structure. If the FTSE 100 moves below this threshold, the existing wave count would be invalidated, indicating that the anticipated wave pattern is no longer applicable and necessitating a reassessment of the market’s direction.In summary, the FTSE 100 Elliott Wave Analysis on the day chart indicates that the market is in the impulsive phase of orange wave 5, positioned within navy blue wave 3. The current phase suggests strong upward momentum, with a corrective phase expected to follow, represented by navy blue wave 4. The wave cancel invalid level of 8,049.65 is critical for validating the current wave structure, and any breach of this level would require a reassessment of the wave count.  FTSE 100 (UK) Elliott Wave Analysis – Weekly ChartFTSE 100 (UK) Elliott Wave Technical AnalysisFunction: TrendMode: ImpulsiveStructure: Orange Wave 5Position: Navy Blue Wave 3Direction Next Lower Degrees: Navy Blue Wave 4Details: Orange wave 4 looking completed. Now orange wave 5 of navy blue wave 3 is in play.Wave Cancel invalid level: 8,049.65The FTSE 100 Elliott Wave Analysis for the weekly chart indicates a trend function in an impulsive mode. The current wave structure is identified as orange wave 5, part of the larger navy blue wave 3. This suggests a strong upward movement in the market, driven by the final wave of the current impulsive sequence.The position within the wave structure is at navy blue wave 3. This indicates that the market is in the third wave of a larger degree trend, which is typically the most powerful and extended wave in Elliott Wave theory. After this phase, the market is expected to enter navy blue wave 4, a corrective phase that will temporarily counter the primary upward trend before resuming.The analysis details that orange wave 4 appears completed. This means the market has likely finished its corrective phase and is now transitioning into orange wave 5 of navy blue wave 3. This new phase represents the final push of the current impulsive sequence before entering a larger corrective phase. The completion of orange wave 4 suggests that the market has digested its previous gains and is ready for another upward movement.The wave cancel invalid level is set at 8,049.65. This level is crucial for validating the current wave structure. If the FTSE 100 moves below this threshold, the existing wave count would be invalidated, indicating that the anticipated wave pattern is no longer applicable and necessitating a reassessment of the market’s direction.In summary, the FTSE 100 Elliott Wave Analysis on the weekly chart indicates the market is in the impulsive phase of orange wave 5, positioned within navy blue wave 3. The current phase suggests strong upward momentum, with a corrective phase expected to follow, represented by navy blue wave 4. The wave cancel invalid level of 8,049.65 is critical for validating the current wave structure, and any breach of this level would require a reassessment of the wave count. More By This Author:USD/JPY Forex Elliott Wave Technical Analysis – Friday, August 2
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