What is the background of FTSE 100 appreciation? Will Footsie 100 beat its high reached last year? See FTSE Index Live and our technical analysis below.

Monthly Chart

Waves on a monthly chart of FTSE 100 are drawn with yellow lines and gather into a clear 3-wave bullish structure. However, we could see a bearish wave down that has been developing since May 2015. This can be a bearish correction subwave inside the monthly bullish C. If we are witnessing a 4th correction wave down of a monthly scale, its depth is not yet enough and could be expanded further.

ftse100-monthly-chart-2016-08-18

Weekly Chart

The above mentioned bearish wave is hardly a 4th correction wave of a weekly level as this down move of Footsie has a larger level and the monthly chart is bearish now.

ftse100-weekly-chart-2016-08-18

Daily Chart

In the meantime Footsie is growing on smaller time frames. If we take a daily chart (daily waves are drawn with violet lines), we will see a distinct 3-wave structure that is building its 3rd bullish impulse wave.

ftse100-daily-chart-2016-08-18

4-Hour Chart

On a 4-hour chart we could also see a 3-wave structure drawn with aqua lines nested into the violet C daily wave.

ftse100-4-hour-chart-2016-08-18

 

 

 

 

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