FTSE100 Wave Analysis – 3 February, 2022

• FTSE100 reversed from resistance zone

• Likely to fall to support level 7500.00

FTSE100 index recently reversed down from the resistance zone lying between the key resistance level 7600.00 (which has been reversing the index from the middle of January) and the upper daily Bollinger Band.

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

Given the bearish divergence on the daily Stochastic indicator – FTSE100 index can be expected to fall further toward the next support level 7500.00.