FTSE 100 Index Wave Analysis 30 January 2025

- FTSE 100 Index broke resistance level 8450.00
- Likely to rise to resistance level 8800.00

FTSE 100 Index rising strongly after the earlier breakout of the resistance level 8450.00, which is the upper border of the weekly sideways price range inside which the index has been trading from the start of 2024.

The price briefly corrected back to the price level of 8450.00 (which is acting as support now after it was broken).

Given the multi-year uptrend on the weekly charts, the FTSE 100 Index can be expected to rise further to the next resistance level, 8800.00 (the target price for the completion of the active impulse wave 5).