European Stock Indices Go Green

European stock indices are trading in the green zone as speculators hope for a positive outcome of Obama’s meeting with congressmen. They are also waiting for the results of the Euro Group meeting.

The current state of affairs looks as follows:

·         FTSE 100: +1% up to 5656,73.

·         DAX 30: +1% up to 7019,07.

·         CAC 40: +1,1% up to 3378,52.

The chart below, courtesy of , reflects the current state of affairs in the market of FTSE 100. The index made another local high on Friday. At this point, the price is expected to complete wave 3 and go for wave 4 (this may take a day or two). The critical level of resistance for the scenario is 5791. In case the price breaks below it, we will see the price forming wave 5.