LONG POSITION ON SANTANDER S.A. - D1FOR THOSE WHO DO NOT KNOW SANTANDER S.A. IS ONE OF THE MOST IMPORTANT BANKS IN SPAIN. THE STOCK VALUE HAS BEEN DECREASING SINCE MAY 2015 WHEN THE PRICE WAS WORTH 6.80 € A SHARE. NOW SANTADER IS 3.87 € A SHARE AFTER 1 YEAR AND 3 MONTHS APROX.
THIS FALL HAS STOPPED NOW. FIRST SIGN OF CHANGE OF DIRECTION WAS THE TRIPLE GROUND SUPPORT LEVEL BELOW. THE MARKET CHANGED DIRECTION AND IT HAS BEEN FORMING A SOLID TRIANGLE PATTERN WHICH HAS BEEN FINALLY BROKEN.
I HAVE PUT A BUY LIMIT ORDER AS YOU CAN SEE LOOKING FOR THE RETESTING OF THE TRIANGLE. IF IT HAPPENS WE COULD MANAGE TO DO A VERY NICE ENTRY TOWARDS TO FURTHER RESISTANCE LEVELS FROM THE PAST YEAR AND 3 MONTHS AND LOOK FOR MANY BENEFITS!
TELL ME WHAT YOU THINK ON THIS!!
CARLOS
5th bearish wave in progres@CABKEuropean Banking scenario is quite unstable and untrusted. If the crisis situation on the EU zone wasn't enough add breixt to that. This bank Caixabank (CABKE) is actually catalan bank, where and independency process is taking place. If that will take place in fact is somethong nobody know right now. But this is another element of turbulence.
Despite of that. From an EW point of view a long term bearish correction is taking place since 2015. In the short term a ii-(5)-5-c wave is in progress. That bullish correction may correct almost a 100% so a 2.29 can be expected higher than 2.3 will invalid the count.
The operation will follow:
Open short when the bullish trend is broken. Arround 2.17 depending on how long it takes.
Stoploss 2.33
Take profit target 1.95 at the end of iii-(5)-5-c (ratio 1.37). The alternative target is the end of (5)-5-c wave at 1.7 (ratio 2.75)
*do not pay attention to the smaller degree count (circle) waves 4 and 5 aren't meant to be there. Apologise*