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FTSE 100 Elliott Wave View: Pullback in progress

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 has ended at 7551.85. Index is currently pulling back in Minor wave 2 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 in the sequence of 3, 7, or 11 swing at 7361.91 - 7427.76 area 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