Andre_Cardoso

(Weekly) 1dbl bottom 2shoulders 1head 2necks & 1butterfly

Short
TVC:SX5E   Euro Stoxx 50 Index
TVC:SX5E

The amazing price action...

-Reversal double bottom ;
-Major bearish trendline broken, the double bottom "neck" broken, validating the double bottom ;
-Found resistance at Bearish Butterfly territory;
-Two targets for the Butterfly , the second @2933$ (618% retracement) will forge the 2618 bullish setup with initial and default targets around 3600$, the 127% extension, eventual ab=cd as 2nd target, a 3th and 4th targets above the 161% extension and 224% extension...
-Ascending structure (at yellow) also with a possibility to "support" the price inside it, forging an eventual 3drives pattern in case of a failed Butterfly ... directly testing the highs.

-Bearish RSI and MACD Divergence, but looking left/back on previous price action history on similar divergences, the price just forged small degree corrective structures, resuming major trend later...

That said...

Safe Trades;


Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.