dionvuletich
Long

MOY0 - Eurostoxx 50 Monthly Picture

INDEX:MOY0   Euro STOXX 50
24 0 0
My long term view on Eurostoxx 50, (which is basically mirroring my view on many worldwide indices)

As per my previous posts on the Eurostoxx 50 index here:
I was shorting around 3780 looking for an 3 wave ABC retracement - which is near complete now...

There is a MAJOR fibonacci level around 2670 - 2630 comprising of:
- 61.8% retracement of the 2011 low and the 2015 high
- 88.6% retracement of the 2013 low to the 2015 high
- 0-A equal move B-C
- 161.8% fib external retracement of the A-B leg

A potential support zone still could offer some support at 2807, I will only enter here if a shorter term setup presents itself
Seeing there is 4x levels at a previous support zone I would not be surprised to see a rally from this level so will be scouring lower time frames to find a lower risk entry,

There is an unfilled gap at 3284, so will be targeting that level which is also the long term trend line

Indicators are near oversold territory and the RSI is still above 40 so at this stage it is still just a retracement in an uptrend
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