Short Term Eurostoxx Elliott Wave Analysis
Published 29th October 2018
The Eurostoxx 50 broke the lighter green trend channel, retested it, and unfolded to the downside. We may get near that level (around 3,400) for a final time during a counter-trend bounce of intermediate degree. The rally could unfold into year end.
Our short-term target has been met as the index traded below 3,178 index points. Reaching that target implies that the Eurostoxx 50 shows a bearish motive wave from its 2017 top. The main question is now if it is a leading diagonal or an impulse. The former is depicted in red and nearly done. The impulse is depicted in black and requires an additional up-down sequence. Both scenarios imply bearish price action during the next two years ahead. However, a counter-trend rally will need to unfold before. It will most likely set the stage for a bigger sell-off during 2019.
The analysis above is a historical abstract of our Eurostoxx 50 Premium Analysis. Subscribers can access multiple timeframes, which are not displayed on this page.