French Election CAC 40 and EWQ
So, big election this weekend .. ZERO IDEA which way it will go or fall. However, the blue rectangle is the targets for resistance … it’s been coiling since 2000 in a monstrous triangle. A weekly close above 5582 will send this puppy higher …or smack into zone shown and fall after election?
believe these are the levels on the CAC 40 are key.
if we look at the EWQ ETF we can see a little bit more clearer picture:
- note the 5 waves down into the low of 2009. usually (the operative word) that signifies a corrective set back and then a resumption of the trend that is causing the 5 waves
- the blue triangles are showing the sell pattern on the EWQ that hit right at the .618 retracement from the high
- the dashed blue line is a basic trend line connecting the lower highs .. acting as R right now
- at the 26.99 level we are completing another sell pattern …
- so, net net, the EWQ PATTERNS are showing lower
no doubt, it will be a crazy night on Sunday .. enjoy the ride.