European stock indices are bearish today because more investors are worried about the current economic situation in China - the latest Chinese reports have show poor economic performance.
· Stoxx Europe 600 has dropped by 0,5% down to 273,66.
· Euro Stoxx 50 is down by 0,87%. The current price is 2545,3.
· FTSE 100 has depreciated by 0,81% down to 5840,75.
· CAC 40 has weakened by 0,91% down to 3499,8.
· DAX is down by 0,66%. The current price is 7341,9.
The chart below, courtesy of , reflects the current state of affairs in the market of FTSE 100:
The index has probably started forming a more complex and prolonged retracement pattern. In short-term perspective, the price may come out of the triangle to build a bearish move (wave [c]) down to 5837. Alternatively, a break above 5933 will indicate the completion of wave 4 and the beginning of wave 5.
