FRA40 – Head and Shoulders pattern forming in FRA40

Monthly: Mixed and volatile trading for the last 47 months looks to have formed a bearish Ending Wedge pattern. A break of support at 4625 ad the measured move target is 3926

 

Daily:  Possibly completed a bullish 5 wave pattern (Elliott Wave). That would dictate that we are (at least) in the corrective formation lower.

 

Intraday: Looks to be forming a bearish Head and Shoulders pattern. A break of the neckline at 5240 and the measured move target is 5040