Short term Elliottwave structure suggests rally from 7/6 low is unfolding as a double three where wave (w) ended at 6703.09 and wave (x) pullback is in progress towards 6587.2 – 6609.45 area before turning higher one more leg towards 6810.46 – 6845.1 area to complete wave (W) and end cycle from 2/11 low.
FTSE Index has reached the minimum swing number and extension target to complete cycle from 2/11 low, but as far as short term pullback stays above wave ((x)) low at 6435.56, Index still has scope to extend higher to the above mentioned area of 6810.46 – 6845.1. Afterwards, expect to see the Index do a larger correction in 3, 7, or 11 swing to correct the cycle from 2/11 low.
