Hello traders, FTSE 100 (UKX) in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
It should be said that this symbol has entered a new phase and this is a descending phase.
But in the definition of the previous trend, three waves are formed in a zigzag pattern, the last wave of which, the c wave, is explained.
This c-wave formed its leading waves in the form of a channel and in the shape of a triangle, and we said that this structure is completed when the purple trend line and the bottom of our channels are broken down, and this happened.
Now, based on our count, we have formed five waves, which we recognize as wave 1 or wave a, depending on the continuation of the process.
We are now waiting for the correction of this wave, which is confirmed by breaking the trend line and the green circle, and then continues to make a wave as small as the current wave.
๐If you have an idea that helps me provide a better analysis, I will be happy to write in the comments๐
โค๏ธPlease, support this idea with a like and comment!โค๏ธ
It should be said that this symbol has entered a new phase and this is a descending phase.
But in the definition of the previous trend, three waves are formed in a zigzag pattern, the last wave of which, the c wave, is explained.
This c-wave formed its leading waves in the form of a channel and in the shape of a triangle, and we said that this structure is completed when the purple trend line and the bottom of our channels are broken down, and this happened.
Now, based on our count, we have formed five waves, which we recognize as wave 1 or wave a, depending on the continuation of the process.
We are now waiting for the correction of this wave, which is confirmed by breaking the trend line and the green circle, and then continues to make a wave as small as the current wave.
๐If you have an idea that helps me provide a better analysis, I will be happy to write in the comments๐
โค๏ธPlease, support this idea with a like and comment!โค๏ธ