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Eurostoxx 50 – Elliott Wave Running Flat

by WaveTrack International| October 12, 2016 | No Comments

EuroStoxx 50 - 60 mins. Elliott Wave Forecast

EuroStoxx 50 – 60 mins. Elliott Wave Forecast

Elliott Wave Running Flat – Eurostoxx 50

Our recent short-term post of the Eurostoxx 50 described how a horizontal flat corrective patterns turns into a running flat. Actually, the only real difference is in the way its third sequence, labelled wave c. (minor degree) falls short of ‘idealised’ horizontal/parallel targets which effectively means it ‘truncates’, due to a build-up of selling pressure, as in the case of this example – see fig #1.

This is not just educational because it also offers a glimpse into how this index is changing direction and now heading lower. The horizontal/running flat pattern has finalised this balancing/corrective sequence in response to the earlier five wave expanding-impulse decline that unfolded between 3103.00-2908.00 as intermediate wave (1). This establishes a downtrend. So now, with the horizontal/running flat pattern ending wave (2), there is a heightened probability that the downtrend will now resume, as wave (3) with some impressive declines ahead.

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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