Europe One bullish Alternate

29 Jun 2016 ‚óŹ 07:19 AM

One bullish alternate wave count for the ADR index that would fit even the FTSE is this. The fall from the April high to the Brexit low is 3 waves and if you mark the entire structure as A-B-C then a larger degree counter trend move can occur with a final rally up completing a larger 3-3-5 pattern. So a 5 wave rally to the upper end of the channel can develop if the Brexit low is protected and a rally develops. It is however too early to say this fractal is fairly possible. We need to watch for a clear impulsive rise even down to an hourly chart to judge that any up move is worth paying attention to. So far that has not happened but if it does this would be the best thing that the bulls can wish for right now.


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