Makor - Tech View Euro Stoxx 50 Index (3,513 last) - buy dips at 3,485-3,513, tgt 3,836
2015-08-12 08:28:00.694 GMT
•In the beginning of July the Index broke out from its declining channel. The
breakout level and the previous cycle low is 3,513 and while this hold a move
higher is likely.
•Another way to look at the current wave structure is to view the move from
the 3,714 high as an /a/b/c correction and in this case wave a = wave c at
3,485.
•Given our Elliot wave count highlighted on previous recaps & the bullish
price action on the monthly chart we continue to expect 1 more leg higher (a
wave '5') before a possible correction.
Strategy: Buy 1 unit at mkt price, tgt 3,836 with a stop on a close below the
200dma at 3,452.
Support: 3,513 (breakout level & last week low), 3,485 (corrective wave a = wave
c) & 3,452 (200dma)
Resistance: 3,691-3,714 (major) & 3,836 (major)
See Full Report Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: dd722f84f0cf4c36b22209940907228b
-0- Aug/12/2015 08:28 GMT
2015-08-12 08:28:00.694 GMT
•In the beginning of July the Index broke out from its declining channel. The
breakout level and the previous cycle low is 3,513 and while this hold a move
higher is likely.
•Another way to look at the current wave structure is to view the move from
the 3,714 high as an /a/b/c correction and in this case wave a = wave c at
3,485.
•Given our Elliot wave count highlighted on previous recaps & the bullish
price action on the monthly chart we continue to expect 1 more leg higher (a
wave '5') before a possible correction.
Strategy: Buy 1 unit at mkt price, tgt 3,836 with a stop on a close below the
200dma at 3,452.
Support: 3,513 (breakout level & last week low), 3,485 (corrective wave a = wave
c) & 3,452 (200dma)
Resistance: 3,691-3,714 (major) & 3,836 (major)
See Full Report Attached
Contributed via: Bloomberg Publisher WEB Service
Provider ID: dd722f84f0cf4c36b22209940907228b
-0- Aug/12/2015 08:28 GMT