European stock indices are trading in the red zone today after yesterday’s rally. The indices have probably entered a retracement phase. Germany’s retail sales report is one of the key bearish factors.
The current market situation looks as follows:
FTSE 100: -0,1% down to 5861,79.
DAX 30: no change so far, the current level is 7401,74.
CAC 40: -0,1% down to 3566,11.
The chart below, courtesy of , reflects the current state of affairs in the market of EURO STOXX 50. The index is consolidating within the 2557-2576 price range. The price is probably getting ready for a 3rd wave of growth. However, the alternative scenario is still actual – the price may elongate wave 2 down to 2497.
