Elliott Wave Analysis on FTSE 100 and S&P500

30 June 2016, 14:44
Sherif Hasan
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FTSE 100

On UK index, FTSE100 we expect more gains in the short-term as the recent minor pullback appears to be a wave four within an uptrend. We are looking for wave five to rally towards 6350-6400.

FTSE 100, 15Min

S&P500

Risk-on moves remains in play with a nice 90 point bounce on the E-mini S&P500 from that 1980 area that was reached following UK referendum votes. However, fear slowed down it seems, so we are now even more bullish than before, especially if we consider that intraday rise on futures contract has impulsive qualities. We see wave 5 coming into play now that may reach 2090 area today, or even higher if the move will be extended.

S&P500, 30Min


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