EUSTX 50 Index Offering Pullback Setup | Aug 29th

EUSTX50 – Pulling Back Into Key Level
After forming a textbook HS pattern (head and shoulders patter), the European index broke nicely through key support at 2766, which was a critical support level. The break of this level confirmed a key trend transition as it formed a LH (lower high) and now LL (lower low) suggesting downside is the path of least resistance. I’ll look to sell on a pullback setup towards the 2766 area, targeting the LL at 2718 and a much deeper sell-off towards 2650, possibly 2545. Only a daily close above 2833 changes my bearish bias. Of course a change in direction away from military action in Syria could push global indices higher and bring risk back on.

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