EUROSTOXX (SX5E) Elliott Wave: Bearish sequences called for the decline

In this technical blog, we’ll take a closer look at our Elliott Wave charts for the EUROSTOXX (SX5E), published in the members’ area of our website. We identified incomplete bearish sequences within the cycle from the August 12 peak, calling for further downside. In the following analysis, we’ll review the Elliott Wave structure and see how the market followed our outlook.

EUROSTOXX Elliott Wave one-hour chart 10.06.2026

The break below the August 15 low, marked as (w) blue, confirmed the incomplete bearish sequences within the cycle from the August 12 peak at 6577. These types of price structures are very important, because incomplete swing structures can help us anticipate the market’s next move with greater accuracy.

The current view suggests further short-term weakness in the coming days. The index remains bearish against the 6365.57 peak, marked as (x) blue on the chart. As long as the price stays below this level, we expect further downside.

The cycle is forming an Elliott Wave Double Three pattern. Therefore, we identify the potential downside target by measuring the (w)-(x) Equal Legs area using the Fibonacci Extension tool. In this case, the Equal Legs target zone comes at 5979–5743.

EUROSTOXX Elliott Wave one-hour chart 10.29.2026

The index has continued to trade lower, as expected. However, the Equal Legs target area has not yet been reached. The primary view suggests that another leg down remains possible toward the previously mentioned target zone of 5979–5743. Alternatively, a break of the 6365.98 pivot would suggest that the cycle has already completed as a truncation.