| Index | Strat | Risk | Target |
| FTSE | Flat | ||
| DAX | Flat | ||
| CAC 40 | Flat |
FTSE 100
Long-term Technical Outlook
There is little change to the outlook for the FTSE 100. 5 waves down from the 2007 high are complete and A 3 wave advance is underway now. Near term, a B wave decline likely leads to a drop back to 3763.
Short-Term Technical Outlook
The FTSE has broken lower out of a rising channel but has found near-term support at the 100-day moving average and managed to return back above the 61.8% Fibonacci retracement level. The bulls now see the next hurdle at support-turned-resistance at the channel bottom (now at 406511).
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DAX 30
Long-term Technical Outlook
A 5 wave decline is also complete in the DAX. A B wave decline is expected near term and likely leads to a decline back to 4229 or even 3987.
Short-Term Technical Outlook
Unchanged: "German shares are putting in the makings of a double top below 47035 and moved sharply lower to find support at the 76.4% Fibonacci retracement level. A break lower would meet substantial hurdles at the lower boundary of a rising channel and the 61.8% Fib."
CAC 40 _
Long-term Technical Outlook
In examining the CAC 40 pattern from the 2007 high, it is possible to count 5 waves down with wave 5 as an ending diagonal. The diagonal is clear on this chart. 5th wave diagonals are almost always fully retraced fairly quickly. As is the case with other European indexes, expect a B wave decline, potentially back to 2719.
Short-Term Technical Outlook
French issues failed to stay above the 61.8% Fibonacci retracement level, slipping to find support at the intersection of the 50% mark and the bottom of a rising channel. Near-term resistance at the 100-day moving average has been overcome and now price are looking back at the 61.8% level.
IBEX 35 _
Long-term Technical Outlook
The rally from the low (6703) is most likely wave A in a 3 wave correction. Near term expectations are for a B wave decline to occur now, potentially bringing price back to Fibonacci support in the 7511-8059 zone before wave C completes the advance upwards of 10500-11500.
