It could well be, but I would like to see a break below the March 2009 low at 6,702 as an additional confirmation, that a deeper decline towards 5,266 is under way.
I would not be surprised to see the March 2009 low protect the downside for a back-test of the broken neckline, which currently sits near 7,520.
If however support at 6,702 gives away the pressure on Spain will rise considerably and tell us that the economy in Spain is take an other step towards worsening. Already the unemployment in Spain is above 23%. The unemployment amongst the young is more than 50%. Spain is well under way to become the obvious trigger for the next big crises in the EU-Zone economy.
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