European benchmark aims lower for 3163 and 3126 retrace targets
A low level digestion Wednesday of the Tuesday plunge below the 3207 late June low, the key retrace at 3200 and the bull gap at 3196-92.
The risk remains for a deeper correction into mid-July to challenge further retrace targets at 3163 and maybe 3126.
Overshoot threat is to 3090/85 area and maybe 3073.
We would look for barriers at 3211/13 and 3228 to try to cap upside rebound efforts.
WHAT CHANGES THIS?
Above 3211/13 eases bear risks; through 3239 signals a neutral tone, only shifting positive above 3291.
4 Hour Euro STOXX 50 Future Chart
Daily Euro STOXX 50 Future (Adjusted Continuation) Chart