Forex Technical Analysis:FTSE Continues To Hold Below 7724 Resistance

Bottom line:  FTSE bearish structure remains intact with prices holding below 7724 resista…

Bottom line:  FTSE bearish structure remains intact with prices holding below 7724 resistance for now.   

Technical Analysis:

FTSE bears are expected to regain control anytime soon, as bulls unable to break above 7724 mark, which is potential Wave (2). The overall structure since 7904 highs on May 22, 2018 is still holding a bearish bias after having completed a 5-3 classic Elliott Wave pattern. The drop from 7904 through 6539 earlier was in 5 waves labelled as Wave (1). A corrective rally towards 7724 is potential Wave (2), which should be ideally followed by a 5 wave drop at the same degree. If the above count holds, FTSE should stay below its 7724 highs, and push lower below 6539 levels going forward. Until now, the structure has held resistance at 7724 keeping bears in control. The short term wave counts also suggest that the bearish trend should resume soon, if FTSE holds below 7724 levels. Looking further, the price action since potential Wave (2) seem to have unfolded lower degree waves 1 and 2 at 7035 and 7690 levels respectively. If the above holds, we should witness a 3rd of (3) rd wave, pushing lower towards 6569 quite sharply. A break below 7500 would confirm that a meaningful top is in place at 7690 and FTSE is back in control of bears. Hence, a high probable trade direction from here can be expected on the south side, with protective stops above 7724 and potential targets below 6569, going forward. Also note that a great deal of Technical Bearish Divergence is on the show with major markets hitting fresh highs with FTSE holding below immediate resistance. This could be yet another indication of a potential trend reversal. Even if prices manage to break above 7724, it would be marginal and just temporary before FTSE finds resistance again.

Prepared by

Harsh Japee, Technical Analyst.

 

FTSE Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/23226.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部