CAC update Bearish Butterfly pattern

Hi everybody,

Back on track after a small personal problem, nothing serious...

Nevertheless, the French index has reacted has forcast so far. the 50% retracement have proved to be the expected resistance where bears were waiting to fight back.

So here we are now on the lower Bollinger band of the time frame 2hours. The index has retraced so far 78,6% of the last bullish leg. We are here on a critical turning point for the short term. Rebound at the current level or even at 88,6% (3899) could send the index to 4087-95. We would validate then a bearish Butterfly pattern. The completion of this pattern validated with a reverse on that PRZ would definitely send the CAC on a bearish mode.



Be aware that a break of 3884 on a daily close (3867 possible intra day) will set the index on a sell of mode, targets 3812, 3721.



Good trades,
Pj.