FTSE Elliott Wave Analysis: More Pullback Before The Rally Resumes
Short term Elliott Wave count suggests that pullback to 6640.3 at 9/15 ended wave (X). The rally from there is unfolding as a double three where wave (w) ended at 6899.5, wave (x) ended at 6728.5, and wave (y) of ((w)) is proposed complete at 7091.5. Near term, while bounces stay below 7091.5, expect the Index to continue lower in wave ((x)) pullback in 3, 7, or 11 swing to correct cycle from 9/15 (6638.5) low before turning higher again, provided that 9/15 pivot at 6638.5 remains intact. We don't like selling the Index in proposed wave ((x)) pull back. If it makes a shallow pull back and extends higher, it can become a triple three structure in the blue cycle up from 6640.3 low.
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