I pointed out some potential hard times for the European ETF’s back in mid July. Here is the original post and the original annotation of the bear flag set ups. Below are the charts as of the close of Friday’s trading. Most of the names mentioned have dropped about 20%. Here is an update, in the same order. These patterns are still very heavy and from my perch, still look lower. If that’s the case, our markets will feel the pain, until Europe stops melting down.
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