Elliott Wave View: FTSE Looking to End 5 WavesShort term Elliott Wave View in FTSE suggests the rally from 10.13.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 10.13.2022 low, wave 1 ended at 7093.05 and pullback in wave 2 ended at 6997.54. Index then resumed higher in wave 3 towards 7413.82 while pullback in wave 4 ended at 7294.15.
Wave 5 is currently in progress with internal subdivision as another 5 waves impulse in lesser degree. Up from wave 4, wave ((i)) ended at 7423.51 and pullback in wave ((ii)) ended at 7343.37. Up from there, Index formed a nest with wave (i) ended at 7498.34 and wave (ii) ended at 7420. Index then resume higher in wave (iii) which is proposed complete at 7599.27. Expect a small pullback in wave (iv) followed by more upside in wave (v) to complete wave ((iii)). Index should then pullback in wave ((iv)) before 1 more push higher to end wave ((v)) of 5. The Index should show a momentum divergence at the end of wave ((v)) of 5. The 5 waves higher should end cycle from 10.13.2022 low after which a larger 3 waves pullback should happen.
UK100GBP trade ideas
Steve's Gun2Head - Selling UKXGBP (FTSE100)Trade Idea: Selling UKXGBP (FTSE100)
Reasoning: Price action stalling and potential shooting star on daily. 4 hour candle forming a shooting star and hourly chart highlights a bearish outside candle taking out price action over last 13 candles. All happening at medium term resistance level!!
Entry Level: 7531.0
Take Profit Level: 7432.0
Stop Loss: 7564.0
Risk/Reward: 3:1
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UK100 H4: TP +400 points BEST Level TO SHORT IT(SWING/NEW)Why get subbed to me on Tradingview?
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UK100 H4: TP +400 points BEST Level TO SHORT IT(SWING/NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: US/Global stock markets are maxed out
::: UK economy managed by team of degens
::: Hundreds of thousands of people have already lost their jobs
::: FED RATE hikes incoming December 2023
::: expect pullback/correction mode SOON
::: sliding S/R resistance at 7450/7500
::: maxed out / overbought conditions
::: BEARS will take over from overhead
::: expect limited upside going forward
::: SHORT IT near resistance Target is 7000
::: Conservative TP BEARS is 7 000 points
::: unsustainable gains, pullback incoming
::: distribution at the TOP setup
::: spells MAJOR trouble for the BULLS
::: BEARS taking over from overhead S/R at 7500
::: expecting CORRECTION to last next 3-6 weeks
::: distribution at the top in progress
::: will lose up to 10% during pullback/correction
::: There is no upside in this market now
::: Get out / trim exposure / or SHORT IT
::: RISK/REWARD shifting in BEARS favor
::: into BEAR mode soon
::: either way setting up for 10%+ correction
::: 4-6 weeks of correction incoming soon
::: better be prepared in advance
::: when there's GREED there's also PAIN
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9 /Combo update: N/A
::: Sentiment: BEARS/BULLS GAME OVER
::: Sentiment outlook short-term: BEARISH/CORRECTION
RISK DISCLAIMER:
Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.
UK100 Bearish Trend aheadThis Daily time frame shows the up coming down trend expected along with resistance and support levels. Good opportunities to short along the fib levels. Take your trades accordingly.
UK100 GBP Falling trend, DOJI candle, dropping volume- SHORT!UK100 GBP Falling trend, DOJI candle, dropping volume- SHORT!
This idea is based mainly on the trend line. The price has reached the edge of the trend line and we can see a doji candle formed at 1D interval, also look at the dropping volume, I would say the correction has ended and the price is just about to drop, which would be in line with the recession we are experiencing but still fooled it's all fine and market is strong :D
The s/l above the trend line and the wick of the doji candle, t/p at 7100 being the support level and Fib 0.5
This is not a trading advice, just an idea, do your own research before you trade it, always protect your capital with a s/l
UK100 SELL POSITION uk100 in down trend
resistance level
trendline line
confirmation candle hanging man plus sell candle
which mean buyer convert into sell
so we can sell it