EUSTOXX50 - To the roof. Wedge is still in play.
Weekly:
- price reaching some long term resistance
- Market has become overbought, as priceis too far from long term equilibrium levels (Kijun and Kumo)
- Ichimoku setup is very bullish, but sooner or later a pull back will have to happen.
- Weekly supports are: 3400 and 3291 (very strong support)
Daily:
- Still very bullish Ichimoku setup
- The wedge is still intact. Correction can come only if Price breaks the rising wedge and closes below Tenkan Sen.
- After two days of small hesitation (two small body red candles) Price tries to break higher again. Green candle with haDelta/SMA3 cross above zero line.
- It may go further up, maybe a blow off top will happen around 3750-3800.
The move is obviously vertical, but don't try to fade it and do not try to hunt for the top until the wedge is not broken. Price tested it two times already, but couldn't break below. Just watch and be patient, the time for the swing short will come.
- price reaching some long term resistance
- Market has become overbought, as priceis too far from long term equilibrium levels (Kijun and Kumo)
- Ichimoku setup is very bullish, but sooner or later a pull back will have to happen.
- Weekly supports are: 3400 and 3291 (very strong support)
Daily:
- Still very bullish Ichimoku setup
- The wedge is still intact. Correction can come only if Price breaks the rising wedge and closes below Tenkan Sen.
- After two days of small hesitation (two small body red candles) Price tries to break higher again. Green candle with haDelta/SMA3 cross above zero line.
- It may go further up, maybe a blow off top will happen around 3750-3800.
The move is obviously vertical, but don't try to fade it and do not try to hunt for the top until the wedge is not broken. Price tested it two times already, but couldn't break below. Just watch and be patient, the time for the swing short will come.
