European stock indices are multidirectional in advance of today’s US economic stats. A major US unemployment report (which has a major impact on stock indices around the globe) is scheduled for today.
The current situation:
· FTSE 100: -0,1% down to 5856,17.
· DAX 30: There were practically no changes. It is trading around 7335,41.
· CAC 40: + 0,1% up to 3478,75.
The chart below, courtesy of , reflects the current state of affairs in the market of FTSE 100.
The index disproved the bearish scenario yesterday by initiating a strong bullish momentum and testing 5867. At this point, we can clearly see the price forming a triangle pattern, which may turn out to be a simple retracement represented by wave B of a bigger wave level. In near-term perspective, the price is expected to retest the 5867 level and start a bearish move.
