F15 CARRIER BREAK TO LAND
This is what I foresee for various indices going forward. Although most non-Asian indices fly a pretty tight formation, they will probably start to diverge, at least, temporarily, as they start their descents.
IBEX - flaps down, gear down. I am going to say that this index has topped. (I take a perverse pleasure in being both arrogant and wrong at the same time, so watch it.) This 2 wave has now retraced .786 of a leading diagonal 1, and is running on fumes as it slams into the resistance of the 50 week SMA.
IBEX 99 MIN
IBEX 5 MIN
Check out the reaction at the 50 week SMA in early '08.
Supporting this call is the position of the MSCI Spain index, which has made a significant .786 retrace of its previous decline and is at a painfully obvious important level of lateral resistance.
MSCI SPAIN INDEX
Also supporting the idea is the fact that I cannot get shares of EWP to short! ;<
MIB - in tight trail on IBEX. I don't run a count on this index, but it has now retraced .618 of its previous decline. It is at the 200 DMA, and closing on significant lateral resistance around an open gap from its previous decline.
FTSE - this one probably runs closest to US indices of late. My count for it is identical to the one I carry for the SPX. Namely, in a c wave of (v) of an ED [c] of 2 of (1).
FTSE 60 MIN
From the 5 minute chart, you can see a nearly complete five wave up from the b of (v) bottom.
FTSE 5 MIN
DAX - trailing. This index is holding its own for now, and really has been most of 2010. Just today, it made a new recovery high for Primary ! I have been avoiding this index for a while, as it was so divergent. However, now I have a count that I am no longer embarassed to show you, along with some R/S levels that suggest that the rollover into 3 that the rest of Europe will soon have will only be the fourth wave of an ending diagonal for the DAX, with the completion of the ED to coincide with the rest of Europe's [ii] of 3. I think this index, above all other European indices, is giving us a clue that the Euro is going to drop very soon, which is bullish for Germany's export driven economy.