CAC - Ahead of the Elections

13 Apr 2017 ‚óŹ 05:30 AM

CAC - Ahead of the French elections the CAC index may top out. Or so the current wave structure suggests. Remember after Brexit I was anticipating that European indices would top out at wave 1 of C shown on the chart. I did not expect wave C to extend into a long drawn 5 wave rise. We are now in the last legs of what should be a 5 wave rise in wave C that has achieved C=A*1.618 in terms of ratio at 5142. So this is a good level for completing this structure. We do need an actual price reversal below the wave IV low that can push weekly indicators into sell mode to confirm this scenario. 


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