The German DAX has broken down from a Diamond top-formatio, which has a target near 6,000, but as I see the price action since late 2007 as a big flat correction calling for wave [C] to reach the bottom of wave [A] at 3,577.
The UK FTSE 100 index has finished a triple top formation and first obviouse target is 4,790.But longer term we should see a break below the bottom of wave [A]. Ideally the target of wave [C] should be near 2,827.
The Brazilian Bovespa is also in a big flat correction calling for a decline to the bottom of wave [A] at 29,435. We should see a test of the mid-line of the major Andrews Pitchfork.
The Indian Sensex is also in a big flat correction since late 2007 and should also be headed for the bottom of wave [A] at 7,688 longer term. On the way the mid-line of the major Andrews Pitchfork will act as strong support, but should ultimately be broken. Short term we need to break below 17,295 to finally confirm that we saw a top at 21,108.
The Brazilian Bovespa is also in a big flat correction calling for a decline to the bottom of wave [A] at 29,435. We should see a test of the mid-line of the major Andrews Pitchfork.
The Indian Sensex is also in a big flat correction since late 2007 and should also be headed for the bottom of wave [A] at 7,688 longer term. On the way the mid-line of the major Andrews Pitchfork will act as strong support, but should ultimately be broken. Short term we need to break below 17,295 to finally confirm that we saw a top at 21,108.
