In this article, we will analyze the past performance of the 1-hour Elliott Wave Charts of the Eurostoxx index. Our analysis is based on the information presented to members at elliottwave-forecast. The focus of our analysis is on the rally from the 23 October 2023 low, which is unfolding as an impulse structure. We will explain the structure and provide a forecast for the future movements of the Eurostoxx index.
The 1-hour Elliott wave chart from the 12/19/2023 Asia update indicates that the cycle from the 10/27/2023 low ended in wave 3 as an impulse structure, with a high of 4593.11. This was followed by a pullback in wave 4 to correct the cycle. The internals of the pullback formed an Elliott wave double three structure, with wave ((w)) ending at a low of 4515.92 and wave ((x)) bouncing to a high of 4579.90. Wave ((y)) reached the blue box area at 4502.18-4454.12. The presence of buyers in this area suggested a potential for the next leg higher or a minimum 3 wave bounce.
The latest 1-hour Elliott wave chart from the 12/27/2023 London update reveals a reaction higher in the index shortly after the double correction within the blue box area. This reaction allowed members to create a risk-free position by taking a long position in the blue box area. However, it is important to note that a break above the 4593.11 high is still required to confirm the next extension higher and avoid a double correction lower.
Based on the analysis of the Elliott wave charts, it is expected that the Eurostoxx index will continue to show bullish momentum. The rally from the 23 October 2023 low suggests a higher high sequence and the potential for more upside extension. Members are advised not to sell the index and should consider buying the dips in 3, 7, or 11 swings at the blue box areas.
The past performance of the Eurostoxx index, as analyzed through the 1-hour Elliott Wave Charts, indicates a favorable outlook for further upside movement. Traders and investors should heed the advice given to members at elliottwave-forecast and consider the potential for a continued bullish trend in the Eurostoxx index.
Leave a Reply