ElliotWaveTrades

EUFN: European Financials In Potential Sign Of Trouble ?

NASDAQ:EUFN   ISHARES TRUST MSCI EUROPE FINANACIALS ETF
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A huge "potential" Head And Shoulders is forming since 2010.

Prices are not very far from completing its Right Shoulder and the entire H&S formation.

Measuring from the Head to Neckline, it has a price target of approx $12.79 downwards from the neckline.

The 2 possibilities will negate this H&S formation:
(1) A non-break of the neckline and leading to upside reversal or other complex consolidation.
(2) A break above the Head level at $26.65
Nov 04
Comment: Prices have broken out and down of the trend line since the formation of the Right Shoulder started in Jul.

I don't rule out a short term consolidation before prices make a final upside thrust to complete forming the Right Shoulder.

I'm watching for more downside momentum and volume before concluding that prices have indeed rolled over.

Jan 09
Comment: Prices are advancing as anticipated towards the level of its left shoulder to complete the right shoulder.
Spike volumes have shown signs of decreasing amid increasing average volume.
More updates to come as prices reach the level of its left shoulder.

Jan 13
Comment: Prices have reach the met the requirements of a Right Shoulder.
As long as prices do not break above the Head at $26.61, the potential head and shoulder pattern will remain valid.
We shall wait and see the possibilities that would arise in the coming days ahead.
Feb 02
Comment: The Right Shoulder appears to be completed with a bearish weekly candle.
Prices should continue down from here.
Any break of the Head will void this Head and Shoulders.

Comments

The Right Shoulder appears to be completed with a bearish weekly candle.
Prices should continue down from here.
Any break of the Head will void this Head and Shoulders.
Reply
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