CAC 40 (France): Termination of Triple correction (Elliott Wave)

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Paris CAC 40 has started its downtrend, as it is now moving down in a falling red channel, breaching previous lows but unable to cross its previous high which is a negative sign. After moving precisely in an upward sloping blue channel, prices eventually has given a bearish break thus accelerating selling pressure. From June 2012 till June 2014 prices has been moving in this channel, but now it is quoting below it which is the first negative sign.

As per Wave theory, prices has completed triple correction pattern (a-b-c-x-a-b-c-x-a-b-c) and it has started its down move. The current fall seems to be impulsive and will move down steeply. Any rise in this index need to be utilized as a selling opportunity.


In short, the bias for CAC 40 is firmly negative, expect this index to move down below 4000 levels in coming month or so.


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