FTSE 100 Wave Analysis – 23 May, 2022

• FTSE 100 reversed from support zone
• Likely to rise to resistance level 7550.00

FTSE 100 index recently reversed up from the support zone lying between the support level 7225.00, lower daily Bollinger Band and the 50% Fibonacci retracement of the upward correction 2 from March.

The upward reversal from this support zone stopped the previous downward impulse waves (iii) and 3.

FTSE 100 can be expected to rise further toward the next resistance level 7550.00 (top of the earlier minor correction (ii)).