sell off going

Allianz presented good earnings and left its extended sideways consolidation to the downside. I watch at several factors here to find a target.

First of all the 13 EMA crossed the longer 48 EMA which ends the uptrend that started in late 2016 and pulled trough the year 2017. A 24% correction should be the minimum which corresponds to a correction wave C extending wave A by 162%. This brings us down to 184€ per share, or roughly a 5% drop.

Around the same level there is a recognizable candle on September 25th which moved the price about 4% on a single day, as well as on September 11th with an even longer candle. hoping that there are some buy order left to fill sitting in the market we can put our orders in at around 182€ per share and hope that the order gets filled in the coming days. otherwise watch out for a reversal candle. We can't buy before that because we otherwise have a too bad risk reward ratio to take the trade which otherwise seems to be legit.