Monday 23 April 2012

France is also starting to Implode

The French CAC index is also now following the lead of Spain and Italy.


France, CAC, monthly, 20yr historic


We have a March spiky top, and a failure to hold over the 10MA, and we are -7% so far this month. The next primary target would be 2750, some 12% lower. A break/failure to hold 2700, and the door is open to a summer collapse wave all the way down to 2000 - some 37% lower from present levels.


Spain, IBEX, monthly, 20yr historic


*the spike on the latest IBEX index monthly candle is a stockcharts error.
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Spanish IBEX lost another 200pts today...that leaves just another 1800 pts to go until the next major level of 5000.