Europe a Rusty Mix

Europe is a rusty mix. Yesterday I did discuss a different way of looking at the DJ Eurostoxx. But have things changed for good for these markets? you can still argue both ways. So before being carried away by the bull case with reflation in the air, the wedges in US does have similar triangular developments in the Euro indices that we can look at for one last time till proven wrong.

Most of the rallies for the last 6 months did appear corrective and not impulsive to say that a 5th wave has started. Here is the DAX as a series of 3 waves into a triangle now. 

Similar pattern also on Netherlands. Good inflection points to watch till proven otherwise.