Austria and Switzerland

1 Jun 2018 ‚óŹ 05:19 AM

The Italian MIB index closed positive yesterday. But if you think that the moves in Europe are only about Italy think again. The European markets have been hit by multi factor Macro moves. First growth slowing, based on research that I follow. Secondly a rising Euro [they like a falling Euro, that is why they buy bonds]. And then of course geopolitics of Italy and other Peripheral Europe. So when you look at charts across Europe you see the picture. Austria has already broken the neckline of a head and shoulders pattern as seen below. Neckline is at 3362, and the break implies a move down to 3000 is coming. Weekly chart.

austria 010618

Then look at Switzerland, yesterday it broke below the May 2018 low and the rising trendline from 2011. This after making a triple top at 9575, we are in a 3rd wave down from the recent top that can test the 7600 swing low. Monthly chart


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