CAC update - Andrew's pitchfork

Hi everybody,

Quick update of the current bearish trend on a 2hours time frame.

The bearish move has been perfectly delimited by a channel formed by the outer line fibonacci 113% and the inner line Fibonacci 23,6% of the bearish pitchfork. Note that each bullish correction has reached the 78,6% and each bearish extension has reached 141% except the last one that stopped on the 127% extension. That may be a sign that the bearish trend is loosing strength or at least stop in the short term.
Note that prices did not reach the MLH of the pitchfork (inside the time box) so this may be an indicator that the bearish trend is not that strong and that prices may break the bearish pitchfork on the upside, i.e. initiating a bullish trend.



Before that, we should see an attempt to fill the gap left between 3937 and 3956. Above we may reach the parabolic SAR currently at 3979 (on 2hours time frame). For trend followers, only a break of 4016 will definitely validate a trend reversal.

Good trades
Pj.