If #CAC closes on March 31st below $6412.70, it will form a bearish Engulfing on the quarterly frame. The consequences will be devastating. I don’t know how well the French economy is positioned, but Elliott Waves signal a possible fall towards the $2850-3800 area, or 60-48% off the top. The targets could be reached in 2-5 quarters, as projected on this all time quarterly chart.
The expectations for #CAC are aligned with targets for #FTSE and #DAX indices. If we compare the possible magnitudes for the moves down, the three major European indices seem to have more room than their US or Australian counterparts. Does it mean that Europe is going to experience a bigger impact from the recent events than USA and Australia?
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Previous update on #CAC:
The forecasts for other indices can be viewed here:
This update is part of the Weekly Series – US and Global Indices, Cryptocurrencies, Commodities, Currency, Large Cap stocks – that can be viewed here: