CAC: Correction start to be initiated. Target 4320-4050
CAC has started to initiate the technical correction I have forseen for the last weeks. The process has been slow because of ECB's intervention, the expectation raised before and the political situation in France.
Indicators show clearly that we are in an overbought level and the correction process has started.
Fibo retracement could be used as target and support level. 4466, 4386, 4321, 4250, 4170 and 4050 may very be the next target.
When CAc arrives to each target, we may face a little correction on the upside if the market arrvied at that support level in a oversold situation, but the headline goal appears to remain between 4150 and 4000.
Indicators show clearly that we are in an overbought level and the correction process has started.
Fibo retracement could be used as target and support level. 4466, 4386, 4321, 4250, 4170 and 4050 may very be the next target.
When CAc arrives to each target, we may face a little correction on the upside if the market arrvied at that support level in a oversold situation, but the headline goal appears to remain between 4150 and 4000.
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