CAC 40 - Elliott Wave Analysis

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 CAC 40 daily chart


Analysis

As shown in the above chart, CAC40 is the index of France and it is currently poised negatively. The primary reason for the index to be negative is it is moving in a lower highs and lower lows and falling channel.

Ichimoku has turned red (cloud) which earlier was green, thus opening negative possibilities for the index.

From Waves perspective, prices after forming a top at 7385, is moving down and completed wave a at 5763 followed by wave b higher at 6614 which is a running flat pattern (C failure). Currently the index is trading at 5762 and has started moving down in wave C in impulse fashion. In wave C it has completed wave i and wave ii and wave iii is ongoing and can plummet till 5450 levels which is 161.8% from wave i to wave ii.

The summation is CAC 40 is firmly negative and can test the level of 5450 over short term.


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