Carrefour Stock Struggling With Lack Of Space

Carrefour extends lower in a truncated form

2015-in progress: 2 swings of primary degree calling for one leg lower

The cycle lower from April, 2015 highs had finished the first wave ((W)) of primary degree on July, 2018. Thereafter, the bounce higher occurred in black ((X)), which has printed a top on February, 2019. Finally, one leg lower in black ((Y)) can be expected. And again, it should truncate at an 0.618 extension in order for the price to stay positive. Clearly, Carrefour is struggling with the lack of space to the downside.

Outlook: Carrefour to bounce soon

Now, by breaking the July, 2018 lows at around 12.80, Carrefour has opened a bearish sequence against February, 2019 highs, related to April, 2015 highs. While below 2019 highs, expect the price to extend down to the inflection area of multiple degrees towards 5.50. If the price will achieve that level without RSI divergence, the grand super cycle wave ((II)) may finish, and Carrefour can resume the rally to the new highs towards 100, and even higher.

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