I suppose we should reconsider the chart structure of the Index. We may assume that the price completed wedge pattern in wave (1) with the fourth wave in the form of triangle pattern inside it. If the assumption is correct, the instrument may continue growing up during the next several weeks.
As we can see at the H4 chart, the Index is forming zigzag pattern inside wave 5. On the minor wave level the instrument is forming an impulse inside wave [C]. The short-term target is at the level of 13800.
The Index continues forming an ascending impulse inside wave [C]. We can’t exclude a possibility that the market may reach a new local maximum on Tuesday. The main target for the bulls is at the level of 13800.
At the H1 chart the instrument is finishing horizontal triangle pattern inside the fourth wave. Earlier the price completed an expansion inside wave 3. Most likely, the Index will start a new ascending movement in the nearest future.
We may assume that Euro is finishing an ascending impulse (1) of [C]. If this assumption is correct, then later the price may start forming a descending correction (2).
The bulls continue pushing the Index towards new maximums; the market is just several tens of pips away from the upper border of diagonal triangle pattern inside wave C. If the price rebounds from this level, the instrument may make a reverse.
The current chart structure implies that the Index may have already completed zigzag pattern inside diagonal triangle pattern of wave 5. In the near term, the market is expected to start a new descending movement.
The Index continues forming an ascending impulse inside wave 5. On the minor wave level the price is finishing the fourth wave. Most likely, after completing a local correction, the instrument will start a new ascending movement inside wave [5] of 5.
