CAC40 – Bullish Minor 5 – Triple Three PatternMinor 4 (light blue) unfolded as a Complex Triple Three WXYXZ (red) Structure, sliding within a Descending Triangle and forming a Flag Formation right above the upper Triangle Trend-Line, as if it would ‘’kiss it good bye” after it filled the gap and causing a Bullish Divergence.
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F40 trade ideas
CAC40 in USD : 100% fibo prolongation touched for the 4th timeThis is the the CAC40 index in USD currency (CAC*EURUSD), as viewed by international investors.
As you can see, since the dip in 2009, this pattern happened 3 times. Each time it broke out the resistance (red), the rally did continue to 100% fibo prolongation. The error was less than 50 points. After that the index felt immediately at least 13%.
Now it could be the fourth time ...
CAC-40 jumps to 12-week high, bias higherEuropean bank stocks cheered the prospect of higher Fed interest rates which should help their profits thereby pulling general indices higher.
Frances CAC-40 index jumped to a 12-week high of 5294, bias higher.
Better-than-expected economic data which included flash Euro-zone PMI prints for September also lent support.
Technical studies support further gains. We see bullish divergence.
The index has shown channel breakout and has breached 100-DMA resistance.
Price action now hovering around 61.8% Fibos at 5293, next bull target 5323 ahead of 5339 and then 5374.
Go long on break above 5293, SL: 5259, TP: 5323/ 5339/ 5374
CAC40 and other European markets: Excellent short opportunity!Top of the channel reached, bad fundamental data everywhere, US markets overshooting because of Trump, Bearish Gartley Pattern + Head and Shoulders pattern on the DAX (see my previous post), and so on.
It's bearish, with a very high probability.