Footsie Hasn’t Topped Yet As It Shows Bullish Pattern
We talked about Footsie back in May 2024, where we mentioned and highlighted an ongoing 5th wave in the weekly chart with space up to 8800 – 9400 target area. CLICK HERE
Footsie a.k.a. FTSE100 or UK100 stock market index is still bullish with nice and clean inverted H&S pattern in the 4-hour chart. After a higher degree A-B-C correction in wave (4), it can be getting ready for a bullish continuation within wave (5) by a new lower degree bullish setup formation. With sharp leg up into wave 1, we are actually tracking an a-b-c pullback in wave 2, where subwave »c« is coming out of subwave »b« triangle, so ideal support is at 8100 – 8000 area, from where we should be aware of a bullish resumption for wave 3 of a five-wave bullish cycle.
For more analysis like this, you may want to watch below our latest recording of a live webinar streamed on Monday October 07 2024:
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.