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FTSE Elliott Wave Analysis: Started Another Extension LowerHello Traders, FTSE short-term Elliott Wave view suggests that the rally to 7790.17 high ended blue wave (X) bounce. Down from there, blue wave (Y) remains in progress with instrument showing a lower low sequence. The internals of that leg lower is taking place as double correction lower due to overlapping price action happening from 7790.17 high thus suggesting that the decline is unfolding in 3 waves corrective sequence. Down from 7790.17 high, the initial move to 7477.05 low ended red wave W of (Y). The internals of that lesser degree decline unfolded as a Zigzag structure where black wave ((a)) ended in 5 waves at 7614.48 low. Then the bounce to 7665.24 high ended black wave ((b)) bounce. And decline to 7477.05 low ended black wave ((c)) of W in another 5 waves structure. Up from there, the bounce higher to 7639.13 high ended red wave X of (Y). The internals of that bounce unfolded as double three structure where black wave ((w)) ended at 7616.15 high. Black wave ((x)) ended at 7531.24 low and black wave ((y)) of red X ended at 7639.13 high. Down from there, the index has made a new low confirming that red wave Y of (Y) has started and looking for extension lower towards 7323.99-7250.04, which is 100%-123.6% Fibonacci extension area of red W-X. Near-term, while bounces stay below 7639.13 high expect index to extend lower. We don’t like selling it.
TVC:UKXShort
by Elliottwave-Forecast
Short Trade FTSE100 - Test Ending Diagonal Looking at the Macro analysis in my last published idea, have been waiting for. good entry on the FTSE for the past couple of weeks. See above my idea. Good R:R for this trade. I suspect we are currently experiencing wave c2 - I will be looking to catch the trip to the downside for wave 3/4/5 for a test of the lower bound of the diagonal. Considering chart pattern, we have broken a bull pennant to the downside and this wave 2, in my mind, is the rested before markdown. My stop loss has been placed at the point where my opinion is proved wrong and a recount will be required. Once my order is filled and price moves in my favour, I will move in my stop loss to increase R:R - then just let it play out. Although I do see the FTSE being bearish over the coming months, that will change if I am stopped out the upside here. For more in depth analysis - join me here - t.me or on twitter @Colgal92
TVC:UKXShort
by ColinGallaghere5
3
Short FTSE100 - Clean ABCSee above the buy limit order I have set up for the FTSE From the Macro analysis I published in my last idea, I am expecting some downside for the FTSE over the next couple of months. Now to find a good entry! As stated previously, I can see a test of the lower bound of the ending diagonal. EWT suggest we has just completed Wave C-1, currently in wave C-2 - a pullback to the 50% fib here is standard - h4 50/100/200 ma's have clustered just above the 618 fib. I have front run my order slightly due the the most recent strong bearish move to the downside. Lets see can I get filled. Good R:R for this trade. Once, my order is filled I will move my stop up to just above the local high to reduce my risk on the trade and increase the R:R. Best of luck! For more in-depth Analysis join me at - t.me or follow me on twitter @ColGal92
TVC:UKXShort
by ColinGallaghere5
1
Macro FTSE 100 - EWT Analysis - Ending DiagonalAnalyzing the FTSE from a Macro point of view, it seems as if we are currently printing an ending diagonal in W3. EWT paint a bearish picture. If the diagonal breaks to the downside and cannot hold price above 6750, the impulse structure has failed and will signal a retest of the low at 5600. Brexit has caused doubt in the UK market as a whole with equities clearly taking a hit. At the very least, I would see a test of the yellow range. Join my telegram at t.me
TVC:UKXShort
by ColinGallaghere5
BMN Long EWTBUSHVELD MINERALS • BMN trading near all time highs • Both Wave 3 and Wave iii are in motion • Momentum studies positive Currently trading near all time highs, Bushveld Minerals (BMN) still has room to continue higher. A rally begun with a gap after a year long consolidation period. With a high at 24.50 reached in May, BMN saw a correction back to the 17.10 level - finding support. The Elliott Wave 1 subdivided into a Minute impulse wave. Wave iv retraced 38.2% of the Wave iii advance, stalling inline with the 17.10 support level. Wave iii and Wave v tops saw bearish divergence, warning that a corrective phase was near. Wace C saw bullish divergence, again, giving a potential warning that the correction is over, and a new impulse move was about to occur. More recently however, BMN has had a solid advance, breaking above a psychological level of 20.00, and breaking above the May high of 24.50. It has given back some of its gains however, retracing and holding the 21.70 level. This has formed a new wave i and ii count equalling Wave 3 of higher degree. With BMN just hovering below 27.00 it has much more room to rally as it is in Wave 3 of both degrees. Though not always the longest wave, it has potential to move to 32.00. This level is the point at which Wave 1 = Wave 3. The RSI favours the bullish picture and reinforces the potential for a move higher. A possible retracement to the uptrend line is also possible and would be a great opportunity to go Long. Longs can also be entered at the break above 27.00 if a more conservative approach is preffered.
LSE:BMNLong
by AkifSHDin
FTSE 100 July 24thSo much is still happening in the Market and yesterday we saw another day of volatility off the back of a spat between Trump and Iran. The problem for Trump arises from overusing threatening language will eventually result in getting used to it as Hot air and Rhetoric. Given this view, we may now be able to focus on the Fundamentals rather than geopolitics. With a continuing weaker pound and earnings season potentially showing further profitable accounts, we may have a bullish few weeks. The Chinese also have managed to offset some of the cost of the trade wars by allowing a weaker Yuan which could also be positive for the World Economy and subsequently the FTSE. To the Chart What we are seeing is a Market that continues to hold up. However we have conflicting patterns as we have an inverted Head and Shoulders which is Bullish and also a near term Rising Wedge, which though could break either way, is more likely to result in bearish price action. My advise is to play the extremes of the pattern until it breaks. When it does eventually break we should have plenty of chance to ride a decent wave.
TVC:UKX
by DollarsNSense
SHORT Ftse?The selling opportunity could still be on from what was discussed a couple of days ago. If it is the case, this is a great area to look for those opportunities. The Daily Pivot is providing support and there is also a level at 7660 which will need to break and hold to give us a chance of a significant move. Brexit continues to weigh heavily on decisions for the FTSE. Each and every change in the sentiment of Brexit is causing fluctuations in the Pound and subsequently knocking on to what happens to the FTSE. We are also in earnings season, which to this point has been pretty positive. With so many different potential drivers we need to stay nimble and on top of the News and Data. 9:30 am we get another peak under the hood of the UK economy with the release of Retail Sales. I suspect before the release of this number trading will be very difficult and rangy. We also have to consider whether the release of this number will make any defined difference on the day, leaving us in wait and see mode for another day or so. Current bias, is to be patient and let the information unfold to give us more clarity.
TVC:UKX
by DollarsNSense
1