European indexes

The move lower is corrective structure so the top is not in. I was expecting a bottom and 40 week cycle low... the move higher looks great(with the move higher today an impulse), but the choppy moves before the bottom leave the door open for another scenario expanded flat X and last final wave Z to finish triple zig-zag.

In fact this is the same story like the US indexes. If SP500 stays above 2090 we are following the bullish scenario. If some bad news hit the market we can see a move lower to 2065 for Y double zig-zag(see previous post). The only catalyst which can cause such move lower at the moment is negative outcome in the "Greek drama".


Green is the bullish scenario the move lower has finished as a zig-zag and red is the more bearish scenario a triple zig-zag.