The Euro Stoxx 50 index currently shows a bullish trend according to the Elliott Wave analysis on the daily chart. The market is in an impulsive mode, indicating strong upward momentum aligned with the overall trend. The primary structure observed is Gray Wave 1, marking the start of a new wave cycle within this bullish trend.

The current market position is identified as Orange Wave 3, suggesting that the market is advancing within the third wave of the orange degree. This advancement follows the completion of Orange Wave 2, which was a corrective phase. The end of this corrective phase signals that the market has resumed its upward movement in the next impulsive wave.

Regarding the direction for the next lower degrees, Gray Wave 2 is expected to follow after the current Gray Wave 1 completes. This implies that after the ongoing upward movement in Gray Wave 1, the market may experience a brief corrective phase before continuing its bullish trend.

Details within the analysis confirm that Orange Wave 2 is now considered complete, and Gray Wave 1 of Orange Wave 3 is currently unfolding. This indicates that the market has resumed its upward trend, and this bullish movement is anticipated to continue as the new impulsive wave progresses.

In summary, the Euro Stoxx 50 index is displaying a strong bullish trend on the daily chart, with an impulsive Gray Wave 1 currently in progress. The completion of the corrective Orange Wave 2 has initiated Orange Wave 3, signaling the continuation of the upward trend. The analysis suggests that the bullish momentum will likely persist, with a potential brief correction in Gray Wave 2 following the completion of the current wave.

Euro Stoxx 50 daily chart

Euro Stoxx 50 Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Orange Wave 3.

Position: Navy Blue Wave 3.

Direction next higher degrees: Orange Wave 3 (continuing).

Details: Orange Wave 2 of Navy Blue Wave 3 appears completed. Now, Orange Wave 3 is in progress.

Wave cancel invalid level: 4495.

The Euro Stoxx 50 index currently demonstrates a bullish trend based on the Elliott Wave analysis on the weekly chart. The market is in an impulsive mode, indicating strong upward momentum that aligns with the ongoing bullish trend. The primary wave structure under observation is Orange Wave 3, which is a component of the larger Navy Blue Wave 3.

The current position within the wave structure is identified as Navy Blue Wave 3, suggesting that the market is advancing within this phase. This advancement follows the completion of Orange Wave 2, which was a corrective phase within the larger Navy Blue Wave 3. The completion of this corrective phase indicates that the market has resumed its upward movement in the subsequent impulsive wave.

The analysis suggests that the direction for the next higher degrees will continue to be driven by the ongoing Orange Wave 3. This implies that the bullish momentum is expected to persist as Orange Wave 3 advances, pushing the market further upward.

Key details in the analysis highlight that Orange Wave 2 of Navy Blue Wave 3 is now considered complete. As a result, Orange Wave 3 is currently unfolding, indicating that the market has resumed its upward trajectory. The bullish trend is expected to continue, with Orange Wave 3 serving as the primary driving force.

In summary, the Euro Stoxx 50 index is exhibiting a strong bullish trend on the weekly chart, with an impulsive Orange Wave 3 currently in progress. The completion of the corrective Orange Wave 2 within Navy Blue Wave 3 has led to the continuation of the bullish movement. The analysis suggests that this upward trend is likely to persist, with Orange Wave 3 driving the market higher, as long as the invalidation level of 4495 is not breached.

Euro Stoxx 50 weekly chart

Euro Stoxx 50 Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.