5th bearish wave in progres@CABKEuropean Banking scenario is quite unstable and untrusted. If the crisis situation on the EU zone wasn't enough add breixt to that. This bank Caixabank (CABKE) is actually catalan bank, where and independency process is taking place. If that will take place in fact is somethong nobody know right now. But this is another element of turbulence.
Despite of that. From an EW point of view a long term bearish correction is taking place since 2015. In the short term a ii-(5)-5-c wave is in progress. That bullish correction may correct almost a 100% so a 2.29 can be expected higher than 2.3 will invalid the count.
The operation will follow:
Open short when the bullish trend is broken. Arround 2.17 depending on how long it takes.
Stoploss 2.33
Take profit target 1.95 at the end of iii-(5)-5-c (ratio 1.37). The alternative target is the end of (5)-5-c wave at 1.7 (ratio 2.75)
*do not pay attention to the smaller degree count (circle) waves 4 and 5 aren't meant to be there. Apologise*
