EUSTOXX50 - Next leg down to 3600 is possible

FX:EUSTX50   Euro Stoxx 50 index of European listed shares
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- After three days drop Price started to consolidate a bit around Tenkan Sen and Kijun Sen. It even tried to break back above these averages, but both yesterday and so far today the Bulls fail to get back in control. -> This means Ichimoku setup is slowly turning neutral: with next leg down we could have a weak Tenkan/Kijun bearish cross, Chikou Span also hits Price candles.
- Heikin Ashi candles show undecision after the first drop. So far today the candle has lower low and small red body compared to the candle yesterday. Very important to watch haDelta/SMA3, as if that can not climb back above zero line, but makes a bearish cross again below key level, that will bring further profit taking and sellers will push the index down towards 3600 support. HA oscillator is still red.
- All in all a major bearish reversal is not very likely (unless Greece defaults), as the Kumo is thick below price and thus gives a strong bullish support. Rather the volatility should increase, and we will see agressive swings back and forth.

Hold your shorts, and trail your protective stops to break even!
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