Kumowizard

ESTOXX50 - Bulls still have hope, but it's getting critical

FX:EUSTX50   Euro Stoxx 50 index of European listed shares
28 0 0
Clearly if 3200 goes, the selloff would accelerate.

Daily: the adjusted short term bullish trendline is matching Kijun Sen and horizontal Key support at 3200. Bulls still have some hope here, but last hour's price action is worrysome. Below that we have 3140 equilibrium level as next support, then nothing really down to 3000. If 3285-3300 proves to be a double or a multiple top, then it's measured tgt             will be 3000 as minimum.

4 Hrs:
Yesterday: Pull back from key support to Kijun Sen, then agressive selling again in after US mkt opening.
Today: Kumo and Tenkan Sen retested, and again Price sharply turned lower. 3200 is the magic level on this time frame too. If that breaks, add more to short positions, and try to sell each pull backs. Slow Stoch is a bit oversold, so if the key level holds, good idea is to wait a bit, maybe we see some consolidation here below the Kumo, or we see another pull back again, then you can sell when Slow Stoch turns lower from a higher level.

All in all it is getting a bit more bearish , than bullish . Of course Mr. Dragon can still save the whole world, the question is if they will really announce more unorthodox measures next week, or just keep talking.

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