CAC40: Still in the correction process

INDEX:CAC   CAC 40 Index
As forseen since Mid June, CAC40 is in a correction process. There is no breaking news in the market, and the summer sell-off continues.
Therefore, the correction process may continue until 4100, bellow that leval and in particlar bellow 3850 it is rather a consolidation and a clear reversal of trend rather then a correction. If this happen, ECB would intervene with LTRO and ABS. But we are not there yet.
The summer geopolitical activities will stop by mid September and traders should come back in the market with year end target as 4500 and over.
clear impulsive waves down on the daily chart, with a possible 3 of 3 set up forming. tbd
Yes in deed and with 3850-3900 as a target before CAC40 goes up which would be considered as a correction rather than a consolidation and a change of trend
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