Complicated wave speculative test (unknown territory)I am quite new to those kinds of wave analysis tests. There's been a lot of talks about Wolfe Waves recently.
I am seeking for alternatives. I know the chart is not clean, even very messy. But I traced the fibs for reference only, as I want to keep track of what would happen next. If anyone spots anything that could help, do not hesitate to share!
I know that some people who are using Elliott Waves believe indices could still grind up. But I am currently going against it, based on other information.
We shall see how it pans out.
F40 trade ideas
The French Stock Index CAC40 Trend Still UpThe CAC40 looks like a nice setup with the bias still supportive to the upside.
However, the price will need to get above yesterday's session high which is just above the Monthly Pivot high.
Go long if the price breaks above 4852 and place a stop loss at 4673. The profit target is at 5108 for a good risk reward trade.
champions league of .... crash ^^it was difficult to foresee a possible forex reaction on world cup result, unless the winner were the sole user of its currency (case of brazilian real), but regarding the stock market, the french CAC40 having no positive reaction at all to this means only one thing: big players exactly know where it is going to go and have already loaded their bazookas. in one word, big collapse very soon (matter of days only) for the CAC40 and everything else ...
Cac breaking down from the crown formationCac has broken down from the crown formation back in the October, but the 4900 level were holding up as support.
However, things finally started to crack and the prices are breaking down from that level.
I think it is inevitable that the Cac is going to challenge the 4600 consolidation area. That range contains a good half year of price action, which should provide strong support.
But ultimately, i am looking at the 200% extension of that crown formation.
Failure to trade back above 4900The bulls have failed to take back 4900, and the sellers are unrelenting.
The market is too weak to break the pattern of lower highs. After the lower high being formed on last Thursday, it is merely a matter of time to see a lower low to print.
The Monday's trading is crucial in shaping up the last week of trading by setting up an opening range.
If the opening range is tight, then a break out later in that week is likely.
CAC Buy IdeaCAC Buy Idea @ Monthly Demand Zone (4514.35 - 4301.13)
Buy Limit: 4561.29
Stop Loss: 4217.23
Take Profit: 5356.78
Risk Management = 0.01/$100
Recommended Leverage not to exceed 1:50
Recommended Risk Ratio 1:1.5 – 1:3
Close partially the contract once it reaches 50% of profit, Move stop loss over the entry level
Close partially the contract once it reaches 80% of the profit
Going against the current trend: Long 4580 and 4628 European markets are in another cycle compared to the US. A true pullback is getting more and more possible in a few European markets in spite of what's currentky going on in my opinion. It is possible that January becomes bullish before the bigger picture (potential bearish 2019 trend) takes over. Of course, I could be wrong and the markets could well collapse right away. The breakaway gaps also speak volume.
FR40EUR support on sight!Renko chart shows support, bouncing from it will send the value to the closest resistance with good gains on midterm-longterm.
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