FTSE 100: Triple Correction and Forecasting Anticipated Happened

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On 19th March 2014 we had published an article on FTSE 100: Triple Correction and Forecasting where we had mentioned the levels for this index and had done forecasting. The reason why we had shown the forecasting is to make people believe that Elliott Wave not only works for short time frame but also works on long term perspective.

In this article we had mentioned “From the below daily chart of FTSE 100, we can see that prices are moving precisely in an upward sloping blue channel. Recently it has bounced from the support of the channel and also there is a time cycle of 15 days which has been working very well to catch the possible top and bottom. Prices are arriving near the time cycle which is on 20th March 2014 and also it has shown a reversal sign which is positive for this index. Momentum indicator RSI has also bounced from the support of level 30. This is a very good level as it has earlier bounced from this level (marked by blue arrows).

As per wave theory, prices are moving in a triple correction (a-b-c-x-a-b-c-x-a-b-c). In this correction wave x occurs twice, normally this happens when the asset class fails to achieve the target. Recently after completing double correction, prices came down in a corrective fashion which clearly suggests that it has turned from double to triple correction. The index can now move up from here onwards.

In short, expect FTSE 100 to move up from current levels and can test 6850 over short term in the form of wave a.”


We were very accurate in mentioning the levels of FTSE 100 as it made a high of 6880 as on 14th May 2014, thus achieving our mentioned level of 6850.

 FTSE 100 Daily Chart 
Anticipated

Happened
                                


To view our article dated on 9th March 2014 FTSE 100: Triple Correction and forecasting click on the link given below
http://marketanalysiswithmeghmody.blogspot.in/2014/03/ftse-100-triple-correction-and.html

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