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Euro Stoxx (SX5E) Forecasting The Decline After Elliott Wave Double Three PatternHello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of Euro Stoxx (SX5E) published in members area of the website. As our members know Euro Stoxx has recently made recovery against the 4593.6 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and completed correction. We are getting nice decline as expected. In further text we’re going to explain the Elliott Wave pattern. Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern. Elliott Wave Double Three Pattern Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels. Euro Stoxx 1 Hour Elliott Wave Analysis 01.10.2024Current view suggests Euro Stoxx is trading within the cycle from the 4593.6 high. The index is currently giving us wave ((iv)) black recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has (w)(x)(y) blue inner labeling. At the moment we can count 5 swings from the low, when another leg up would be ideal to complete 7 swings pattern. We expect to see another high in wave c of (y) toward approximately 4516.6 area. Once bounce completes 7 swing structure from the lows, we should ideally see another leg down. You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page. Euro Stoxx 1 Hour Elliott Wave Analysis 01.16.2024Euro Stoxx index made proposed leg up and complete 7 swings structure. It missed to reach proposed target at 4516.6 area and completed early at 4510 high. The index found sellers as expected and made break toward new lows. Euro Stoxx should ideally remain bearish in near term as far as pivot at 4510 high holds. Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. Soiurce: https://elliottwave-forecast.com/elliottwave/euro-stoxx-sx5e-elliott-wave-double-three-pattern/ On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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