EuroStoxx June Rally Finds Secondary Support!

by WaveTrack International| June 8, 2018 | 4 Comments

EuroStoxx and Xetra Dax – June Rally Finds Secondary Support! [title for twitter]

The May corrective zig zag declines for both the Eurostoxx 50 and Xetra Dax remain incomplete targeting 3315.75+/- and 12145.00+/- respectively, but the interim June rally labelled wave ‘b’ hit important support levels this morning, slightly above last week’s low which now has the ability of stretching wave ‘b’ higher towards 3529.00+/- and 12992.00+/- prior to wave ‘c’ declines.

European Indices

European indices were marked lower overnight and into Friday’s trading session but this week’s decline has been identified as ending a corrective three wave zig zag pattern from 3497.32 (EuroStoxx 50, see left) and from 12925.00 (Xetra Dax, see right). This means another push higher can begin from Friday morning’s lows, prolonging wave ‘b’ rallies to higher levels.

EuroStoxx – Xetra Dax – Elliott Wave Forecast by www.wavetrack.com

An equality ratio, i.e. fib. 100% of the late-May/early-June upswing added to Friday morning’s lows projects wave ‘b’ upside targets towards 3529.00+/- and 12992.00+/-. This would still allow wave ‘c’ declines to resume afterwards, to original downside targets of 3315.75+/- and 12145.00+/- which then completes the larger zig zag decline that began from May’s highs.

Conclusion

Some interim rallies from the end-May lows are extending higher as wave ‘b’ and this conforms to the U.S. stock index rhythm we also track in the Nasdaq 100 – the Nasdaq 100 is poised to overturn Thursday/Friday’s downswing because this is simply a 4th wave approaching completion within the five wave impulse upswing that began from May 23rd low – watch for support at 7046.00 (Nasdaq 100 futures).

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