Chart of the day

CAC40 is being rejected by the 7650 which could prove as the fifth wave high. A break below 7000 will confirm this and could lead to an acceleration lower deeper to 6000.

Only a clear confirmed break above 7650 will invalidate the downside and lead to an extension higher to 8000. A confirmed break below the 6000 level will completely reverse the long-term uptrend. Short-term we are still in the sideway triangle which I expect to be broken out soon.

Short-term short trades could be opened here with a stop loss above 7530 Long trades should be opened only upon a confirmed break above 7650. I am inclined to see an extension lower to 7000 followed by a test of the key 6000 support.