It looks like the short term wave counts in the SPX FTSE and DAX favor the bears. Wave 1 on Friday was motive. Wave 2 is a nearly completed flat Wave 3 starts 6/29, maybe?
Once Wave 3 starts it will be much stronger than Wave 1. The January/February lows will be challenged. For Germany this could be a 15% to 20% drop over the course of a week.
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