CAC: Correction may be imminent
CAC had a very classical pattern from a raising channel to correction. This has occured at least three times for the last 18 month. When CAC cannot enter into a raising channel because of lack of momentum, or hesitation from the market, it enter into a trading range channel where you buy at around 4400 and sell at around 4500.
But since the ECB expectation and announcement, CAC went to a raising Channel which is appears to be a raising wedge. Therefore, baring in mind the indicators which clearly show an overbought level, we may face a correction may very well go until 4100 if we do consider the overall big picture pattern as a raising wedge as well.
But correction level may be, 4400, 4360, 4250, 4150....
But since the ECB expectation and announcement, CAC went to a raising Channel which is appears to be a raising wedge. Therefore, baring in mind the indicators which clearly show an overbought level, we may face a correction may very well go until 4100 if we do consider the overall big picture pattern as a raising wedge as well.
But correction level may be, 4400, 4360, 4250, 4150....
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