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FTSE 100 Elliott Wave View: Pullback expected

Short term FTSE 100 ( UKX-FTSE ) Elliott Wave view suggests that Minor wave B ended on 6/30 low 7302.7 and the rally from there is unfolding as a double three Elliott wave structure where wave ((w)) ended at 7515.12 and wave ((x)) pullback ended at 7338.2. Index has reached 100% from 6/30 low so cycle is mature and Minor wave 1 can be complete anytime. Expect the Index to pullback in Minor wave 2 soon to correct cycle from 6/30 low before the rally resumes. As far as pivot at 7302.7 low remains intact, Index should find buyers within Minor wave 2 dips in the sequence of 3, 7, or 11 swing for further upside. If pivot at  7302.7 low fails during later pullback, the Index would be still remain in the same cycle from 6/2 peak. Index should then extend the correction to the downside. We don’t like selling the Index.

FTSE 1 Hour Elliott Wave Chart