the banks lead us up and lead us down … continued strength which causes a failed pattern is needed by the banking index right here …
I’ve been following STOXX for a friend overseas and I truly hope that he and his family and friends are OK w/ all this craziness going on …hat tip, friend.
here’s the link to the STOXX posts on my site: https://bartscharts.com/?s=stoxx
net-net, my friend contacted me a couple years ago and asked about European Banks and, in particular, the STOXX. it was hard to email him back because what I saw – which unfortunately was proven to be correct was a multi-year triangle that had been forming since 2009. it’s ramifications? well, the STOXX WOULD go to new lows and, more than likely, ACCELERATE the move lower because … that’s the nature of moves out of triangle. in my world of using crayons, I have no idea, nor do I care ‘what’ caused the market move one way or the other. there are ALWAYS a thousand reasons. for me, it’s a pattern that helps one manage risk and help one determine how much $$$ to risk and then pull the trigger.
Here’s the updated STOXX chart:
I went back and captured the daily chart showing the target zone … two years ago, chart below: