FTSE 100 Wave Analysis – 1 June, 2022

• FTSE 100 reversed from long-term resistance level 7630.00
• Likely to fall to support level 7400.00

FTSE 100 index recently reversed down from the long-term resistance level 7630.00 (which has been repeatedly reversing the index from January, as can be seen below).

The downward reversal from the resistance level 7630.00 stopped the previous minor corrective wave (ii).

Given the strength of the resistance level 7630.00 and the overbought reading on the daily Stochastic indicator, FTSE 100 can be expected to fall further toward the next support level 7400.00.