EURO STOXX 50 Index Making A Bullish ImpulseNov 30, 2022

EURO STOXX 50 index making a bullish impulse with room for more gains within a five-wave cycle from Elliott wave perspective.

A significant reduction was recorded in September 2022 in the surplus of the current account balance in the Eurozone, compared to the corresponding month of the previous year.

In more detail, the current account surplus fell from 33.1 billion euros to 3.8 billion euros, according to data released by Eurostat.

In the services sector, the surplus narrowed to 14.7 billion euros from 15.8 billion euros in the same month last year, while the primary surplus widened to 10 billion euros from 8.2 billion last year. The secondary deficit narrowed to 11.7 billion euros, from 13.2 billion euros recorded in September 2021.

EURO STOXX 50 is presenting the same attitude as the German DAX40 index, which represents the most reliable index in the whole Euro area.

EURO STOXX 50 Index Making A Bullish Impulse Daily Chart
EU50 Daily Chart

From an Elliot wave perspective, we see index in an impulsive recovery mode after a break above the falling trendline early in November when index jumped 10% in short period of time. If you are familiar with Elliott Wave theory then you know that impulses are five wave patterns, so more gains should follow as we see price now in wave 3. There can be opportunities on the long side after next fourth wave pullback. Support can be near 3826, while upward projection is around 78.6% Fib near 4150.

Check also our latest article about copper and BHP mining company. CLICK HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.