So far, the larger “irregular” count I have been following is working out well.
Again, so far, we had a very neat impulse lower in the EZ banking sector. Surprisingly, Spanish and French banks have been noticeably stronger than, say, German or Skandi banks.
That notwithstanding, they have also, on hourly charts, traded beautiful little corrections (abc in lower case on the chart).
This is quite a count… if it is correct, the market will collapse in the next 3-4 sessions.
I expect a bottom to hit around mid-next week.
This is an hourly chart of the Spanish bank Santander:
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