FTSE 100 Wave Analysis 21 January 2025

– FTSE 100 broke strong resistance level 8400.00

– Likely to rise to resistance level 8600.00

FTSE 100 index rising sharply after the price broke the strong resistance level 8400.00, which is the upper border of the sideways price range inside which the index has been moving from the start of 2024.

The breakout of this price range inside accelerated the active impulse waves iii and 3, which belong to the weekly upward impulse sequence (3) from the start of 2023.

Given the overriding uptrend seen on weekly charts, FTSE 100 index can be expected to rise to the next resistance level 8600.00, the target price for the completion of the active impulse wave iii.