EW Counts - UK stocks

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7/5/2020

FTSE 100 (UKX - LSE) - Choppy to bearish price action

FTSE 100 (UKX - LSE) is in ABC zigzag wave patter in 60 min time frame since last swing high. It has already completed A impulse and B wave corrective pattern in abc zigzag wave. The C wave is in 3^rd wave down, where 1^st subwave of 3^rd wave is about to over, thereafter 2^nd subwave will go up to correct it, which give an opportunity to get in to sell trade with stops above 6265 invalidation level. The price must hold the level of 6344 as invalidation level for C wave to retain the count valid. The equi-distance target of C wave will be 5780 compared wave A.

FTSE 250 (FTMC - LSE) - Choppy to bearish price action

FTSE 250 (FTMC - LSE) has completed ABC zigzag wave from from last swing low made on 19 March to 8 June high in 4 hr time frame. It is in ABC zigzag down cycle in 60 min time frame, where A & B both waves were over. It is in 3^rd wave down of C wave, but wait for 2^nd subwave pull back after 1^st subwave impulse over to get in to trade with stops above 17799 for target zone of 16050.

3I group PLC (III - LSE) - Choppy to bearish price action

3I group PLC (III - LSE) is in corrective down sequence in WXY, where Y wave down is in progress. Sell with stops above 864.60 for A wave down of Y wave, thereafter B wave will correct it which again will give trade opportunity to sell. In weekly time frame, it has completed impulse sequence and correcting it downside in complex correction.

Antofagasta PLC (ANTO - LSE) - Choppy or Bearish price action ?

Antofagasta PLC (ANTO - LSE) has completed 3^rd wave up (or C in ABC) sequence in 3 hr time frame since last major low made in March. The 5^th subwave of 3^rd (or C) wave is within ending diagonal structure, which is over now, so sell with small pull back on price with stops above 950.90 as invalidation level above high of ending diagonal for target below 890 level. In weekly time frame, it is within corrective pattern. Price should go down faster if it completed ending diagonal structure that should be keep in mind and if it consolidates then get out of trade.

Berkeley Group Holdings PLC (BKGH - LSE) - Bears taking control slowly

Berkeley Group Holdings PLC (BKGH - LSE) is in ABC wave pattern zigzag in daily time frame after impulse over in weekly time frame. In 1 hr time frame, it completed 1^st (or A) wave down and correcting in 2^nd (B) wave, which may go slight more up. Wait for confirmation that 2^nd (B) wave ended and thereafter impulse wave cycle down in 5 min time frame. Sell with stops above 2^nd wave high in pull back for 3^rd (or C) wave down. If it turns out impulse C wave, then it will go make new low below 3000 level. 

BP PLC (BP - LSE) - Bears about to attack

BP PLC (BP - LSE) is in ABC zigzag down sequence in 1 hr time frame, where it has already completed impulse A and triangle B wave. The C wave is in progress, which will be confirmed when triangle broken down below 301.10 level. Sell below with invalidation level 315.70. The alternate B wave will be more complex if price crosses above 315.70 level as wxy. So wait for respective level to brake. Here the triangle pattern is not that strong, but stock itself is under-performer to UKX, so bearish trade is possible, when three wave bounce with some divergence in smaller time frame will be good opportunity to sell.

Bunzl PLC (BNZL - LSE) - Choppy or trendy - what’s next ?

Bunzl PLC (BNZL - LSE) is in impulse up cycle in 4 hr time frame, where it has completed 3^rd wave up and correcting down in 4^th irregular complex correction wxy, where y wave is in progress. Wait for y wave to complete to get in to trade for 5^th wave up. In weekly time frame, it is in 5^th wave up. It is out-performer to UKX index and good buying candidate, when price arrived in desired region. Meantime, in 5 min time frame, after confirming impulse wave down with appropriate pull back, it can be small sell trade as UKX index supposed to bearish from current level. But always keep invalidation level ready for sell trade. 

For Historical analyses of FTSE100 (UKX) index and stocks click here.