Footsie 100: Bullish On Daily And Bearish On Monthly
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.
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.
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.
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.
On a 4-hour chart we could also see a 3-wave structure drawn with aqua lines nested into the violet C daily wave.