Ferrari Wave Analysis – 17 October, 2019

Ferrari broke daily down channel
Likely to rise to 163.20

Ferrari recently broke the resistance trendline of the daily down channel from July – which encloses the previous long-term ABC correction ②.

The breakout of this down channel accelerated the active medium-term upward impulse sequence (3) from the start of October.

Ferrari is expected to rise further and retest the next resistance level 163.20 (top of the previous (B)-wave and the target price calculated for the completion of the active impulse wave (3)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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