There is a fibonacci retracement cluster on the weekly chart of the Eurostoxx 50
This ranges from a long term 61.8% up to a 88.6% retracement using the various peaks and the same low point formed last December 2018
There is also a clear 5 wave advance from the lows which has formed a wave 5 of 5 , which also has a fibonacci extension cluster on the daily chart with Overbought RSI indicators
I'm planning to enter orders to sell around 3400 looking for a retracement to at least 3325 with the view it could eventually retrace back to wave 4 of the higher degree which would be around 3150 area
Potentially high reward to risk short trade with a combination of timeframes and indicators suggesting a short term top may be near
I will be entering a pending short order given the time frame and shear number of fibonacci cluster levels
This ranges from a long term 61.8% up to a 88.6% retracement using the various peaks and the same low point formed last December 2018
There is also a clear 5 wave advance from the lows which has formed a wave 5 of 5 , which also has a fibonacci extension cluster on the daily chart with Overbought RSI indicators
I'm planning to enter orders to sell around 3400 looking for a retracement to at least 3325 with the view it could eventually retrace back to wave 4 of the higher degree which would be around 3150 area
Potentially high reward to risk short trade with a combination of timeframes and indicators suggesting a short term top may be near
I will be entering a pending short order given the time frame and shear number of fibonacci cluster levels