Euro Periphery breaks down

European stock markets were leading the way down and the Brexit rally with all its bull support made only a lower top in most world equity markets. So the set up remains of lower tops and bottoms. Apart from that the Periphery markets namely Italy Portugal and Spain are breaking their respective Feb panic bottom lows. The chart below of Spain shows it is in wave 3 down of the next move and broke the Feb low. This impulsive decline is also wave C down of the long term picture I discussed earlier this month.