The FTSE 100 Elliott Wave analysis on the day chart shows a bullish trend with an impulsive mode and structure indicated by gray wave 3. The market is currently in orange wave 5, showcasing the final phase of the wave sequence. Gray wave 2 has been completed, and gray wave 3 is now driving the market higher. The next expected phase is the continuation of gray wave 3, leading to further upward movement. An invalidation level is set at 8,178.07, with the bullish trend expected to persist as long as the price remains above this level.
On the weekly chart, the FTSE 100 is also in a bullish trend with an impulsive mode, characterized by orange wave 5. The market is positioned in navy blue wave 3, showing the continuation of the bullish trend. Orange wave 4 has been completed, and the market is now in the final phase of the sequence with the commencement of orange wave 5. As long as the price remains within the current wave structure, further upward movement is anticipated. However, breaching the invalidation level at 7,920.18 would invalidate the current Elliott Wave count, necessitating a reassessment of the market analysis.
In summary, the FTSE 100 Elliott Wave analysis on both the day and weekly charts points to a bullish trend with ongoing upward momentum. The wave structures indicate the continuation of the upward movement, with orange wave 5 driving the market higher. The invalidation levels at 8,178.07 and 7,920.18 serve as crucial benchmarks to monitor the validity of the current wave counts. As long as the price remains above these levels, the bullish trend in both gray wave 3 and orange wave 5 is expected to persist. Traders and investors can use this Elliott Wave analysis to make informed decisions about their trading strategies in the FTSE 100 market.
