FTSE 100 Wave Analysis 19 September 2023

– FTSE 100 reversed from pivotal resistance level 7710,00

– Likely to fall to support level 7585,00

FTSE 100 index previously reversed down from the pivotal resistance level 7710,00 (former yearly high from July, former strong support from May) intersecting with the upper daily Bollinger Band.

The resistance level 7710,00 was strengthened by the 61.8% Fibonacci correction of the previous downward impulse from February.

Given the strength of the resistance level 7710,00 and the overbought daily Stochastic, FTSE 100 index can be expected to fall further toward the next support level 7585,00,