Long EURO stoxx 50 project (H1)Hello everyone!
Following recent fall in global stock markets, if the downtrend continues, OANDA:EU50EUR will likely form the bullish blue wave.
As a possible confirmation for current continuous downtrend, minor yellow wave is being formed.
However, even if it doesn't succeed and the price reaches 349x-35xx support area, this will provide an interesting opportunity to go long anyway.
Good luck and profitable trading!
Eurostoxx50
(Weekly) 1dbl bottom 2shoulders 1head 2necks & 1butterflyTVC:SX5E
The amazing price action...
-Reversal double bottom;
-Major bearish trendline broken, the double bottom "neck" broken, validating the double bottom;
-Found resistance at Bearish Butterfly territory;
-Two targets for the Butterfly, the second @2933$ (618% retracement) will forge the 2618 bullish setup with initial and default targets around 3600$, the 127% extension, eventual ab=cd as 2nd target, a 3th and 4th targets above the 161% extension and 224% extension...
-Ascending structure (at yellow) also with a possibility to "support" the price inside it, forging an eventual 3drives pattern in case of a failed Butterfly... directly testing the highs.
-Bearish RSI and MACD Divergence, but looking left/back on previous price action history on similar divergences, the price just forged small degree corrective structures, resuming major trend later...
That said...
Safe Trades;
EuroStoxx 50 - Ongoing Pullback - 60 minutesAfter a downward breakout from a consolidation figure (flag), the EuroStoxx 50 is pulling back in the Distribution zone between 3232 and 3251 points.
The index is approaching a ST pivot at 3243, but there are strong resistances in the area around 3250: these points are potential sell levels when the pullback momentum weakens.