EuroStoxx Buying The Dip After Double Correction Lower
Seeking Alpha Analyst Since 2017
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 78 instruments including Forex majors & crosses, Commodities, Equity Indices, Stocks, ETFs and Crypto-currencies. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos and Trading Setups.
In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of the EuroStoxx index, which we presented to members at elliottwave-forecast. In which, the rally from March 30 October 2020 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
EuroStoxx 1 Hour Elliott Wave Chart
Above is the 1 hr updated chart from the 1/28/2021 Asia update. In which, the rally to 3657.83 high ended the cycle from 10/30/2020 low. Below from there, the index made a pullback to correct that cycle, while the internals of that pullback unfolded as Elliott wave double three structure. Whereas wave ((A)) ended at 3573.60, wave ((B)) bounce ended at 3649.73. Wave ((C)) ended at 3540.25 low thus completed wave W lower as a flat structure. Up from there, the wave X bounce ended at 3607.42 high. Then wave Y was expected to reach the 3488.81- 3415.55 100%-161.8% Fibonacci extension area of W-X. From where buyers were expected to appear looking for further upside.
EuroStoxx 1 Hour Elliott Wave Chart
Here's 1hr Elliott wave Chart of EuroStoxx from 2/12/2021 NY Midday update. The index is showing a reaction higher taking place from the blue box area after ending the double correction at 3474.85 low. And breaking to new highs as expected. Allowed members to create a risk-free position shortly after taking the long positions at blue box area.
Source: EuroStoxx Buying The Dip After Double Correction Lower
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.