(Weekly) 1dbl bottom 2shoulders 1head 2necks & 1butterfly

26 lut 2017

SX5E

The amazing price action...

-Reversal double bottom;
-Major bearish trendline broken, the double bottom "neck" broken, validating the double bottom;
-Found resistance at Bearish Butterfly territory;
-Two targets for the Butterfly, the second @2933$ (618% retracement) will forge the 2618 bullish setup with initial and default targets around 3600$, the 127% extension, eventual ab=cd as 2nd target, a 3th and 4th targets above the 161% extension and 224% extension...
-Ascending structure (at yellow) also with a possibility to "support" the price inside it, forging an eventual 3drives pattern in case of a failed Butterfly... directly testing the highs.

-Bearish RSI and MACD Divergence, but looking left/back on previous price action history on similar divergences, the price just forged small degree corrective structures, resuming major trend later...

That said...

Safe Trades;