May 29, 2014


A holiday in Europe and I have some time to look at the charts:)

Short term - I think the small pullback has begun one day and 10 points later.... I think target is around 1900 and another move higher to around 1920 should follow.

Intermediate term the European markets are showing again much clearer picture. I think this is wave 3 of an ED and wave 4 and 5 should follow trough the summer.
If you think in terms of cycles the current 20 week cycle is already mature, which means - first we should see something to the downside but not for a long 2-3 weeks max, second it is topping very late and the next 20 week cycle should make new highs.

If I combine EW and cycle I see this for the next 2-3 months:

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