Has the bull market still room to unfold in Europe?

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Some interesting charts for a few indices in Europe.

 

DAX

The recent decline is not impulsive. The recent decline could very well have ended wave 4….

DAX made a sharp rise at the start of the year and I expect the correction to hold December lows and make a higher low before resuming the up trend.

Eurostoxx50

Bullish flag? Most probably. Price action over the last three months is clearly corrective. The rise from summer lows is impulsive and I believe it is the start of the next leg upwards. This scenario gets cancelled on a break below 3360. This bullish scenario gets confirmed on a break above 3850. But also a break above 3710 would be a plus.

 

IBEX

Big bullish flag here as well.

 

CAC40

5200-5300 support area that if broken will decrease the chances of success of my wave count.

 

Wishes for a great week everyone!!! take care

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.