Aiming for another wave downI think there's a possibility for another wave down to complete the C
Going short, based on:
Elliot structure
FRA40 trade ideas
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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FRANCE40 INDEX (FRA40Cash) (CAC40) A quick scalp idea:
Price is currently moving in an rising wedge, and we will be looking to place short trades when the RSI indicator becomes relatively overbought. The price had already broken out of a ascending trendline from the monthly timeframe, therefore, short positions are highly feasible on this index.
