Chart of the day

CAC40 reached 8300 and it is reversing down from it. This is a strong upside resistance of a steep long-term rising wedge. This should be the end of a long-term Elliott Wave fifth wave higher.

We are seeing the reversal and a break below 8100. A break above 8300 is required for an upside continuation. A confirmed break below 8000 will lead to a deep fall into 7300.

_{Look for the short trade entries with a stop loss above 8100. I see this as an ending consolidation before a big fall and a test of the important 7300 support level.}