CAC 40 Elliott Wave Analysis

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 CAC40 daily chart


Analysis

As seen in the above chart, prices are still moving in a lower highs and lower lows which is an indication that the bias is negative for the index. Also the index has arrived near to the resistance of the falling channel and can or has reversed which can open next leg on the downside.

Bollinger Bands indicate that there is a break\out on the lower side after it has contracted thus opening negative possibilities.

From Waves perspective, prices have completed wave b in irregular flat pattern (a-b-c).It has opened wave c lower which can go down till 5800 levels over short term which is 61.8% from wave a to wave b.

The summation is CAC 40 can plunge towards 5800 over short to medium term with its resistance placed at 6780.

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