Indices sold off last week, while some Indices reached extreme Fibonacci extension areas from the highs in 3 or 7 swings, it remains to be seen whethe
r correction in the Indices is over or will extend. Today, we will take a look at Elliott wave sequences in two Stock Markets like FTSE from UK and Hangseng from Hong Kong to determine if the downside in Indices is over or will extend more and will also present the most likely path along with the timing for the Indices to turn higher.above shows the sequence of swings down from 2.16.2023 and 4.21.2023 highs respectively. FTSE selling since 7.31.2023 peak managed to break below 7.7.
By looking at incomplete sequences in FTSE and Hangseng, it is easy to conclude that pull back in rest of the Indices should not be over yet, they should see a bounce to correct the decline from their respective July peaks followed by another leg lower. Extreme areas in FTSE and Hangseng should act as a floor and provide the timing for the Indices to turn higher again in a larger 3 waves at minimum.
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