Switzerland

The first European market to give way recently - Switzerland. One more day that it remains low, and the daily momentum will cross over to a sell. The fall yesterday then may have started wave 3 of a new decline move down. What makes it interesting is the bigger picture below. A expanding top pattern that ran for 3 years and is broke. The recent pattern was a consolidation below the neckline and wave B that retraced not more than the wave 4 high and 38.2%. So the set up is for wave C down to start and a major head and shoulders top formation for the Swiss Market. Implications are to go down to 6500 or lower