DeltaZeroFinance

SX5E back to wave2!!!

TVC:SX5E   Euro Stoxx 50 Index
TVC:SX5E
With the breakout of 3400 and the deep retracement till 3330 we have to redraw the entire Elliot structure, with the price back in wave2. This structure will be confirmed just if the price hold the support in area 3315/3308. A rebound could find the first resistance in area 3400.
With the breakout of 3308 we'll be back in the ABC structure, with the first target in area 3245/3250 (waveC).

Current exposure: Delta neutral. We have rebalanced our position that was Delta negative from the breakout of 3400.
Delta negative on breakout and daily close of area 3308.
Delta positive on breakout and daily close of area 3400.
Comment: The rebound on support 3308, the price drew a double bottom, which could rapresent the begin of impulsive wave3 of the structure.
Current exposure: Delta positive at least till area 3400.
Rebalance the position just with the breakout of area 3308/3300.
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