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Robert McHugh

Robert McHugh

Robert McHugh Ph.D. is President and CEO of Main Line Investors, Inc., a registered investment advisor in the Commonwealth of Pennsylvania.

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Beware What's Coming to Europe's Stock Markets

The Dow Jones Euro STOXX 50 has seen a 28 percent plunge since the 2015 top. The drop came after this stock index completed a Rising Bearish Wedge for wave C up. Back in 2015, we wrote in our newsletter to subscribers, "This pattern is telling us that this index is very close to crashing. Trouble is coming to world markets and it may start in Europe." Well that Crash occurred.

Euro STOXX50 Daily Chart

However, the plunge is not over. Now what we now see is a completed Head & Shoulders top in the STOXX 50 Euro Index. The right shoulder of this pattern just completed. The pattern looks textbook, is leaning down and to the right, which is ideal for predictive value. What this pattern is telling us is this stock index now has a downside price target of 1,400ish, which means it is set up to plunge another 50 percent over the coming year.

 


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"Jesus said to them, "I am the bread of life; he who comes to Me
shall not hunger, and he who believes in Me shall never thirst.
For I have come down from heaven,
For this is the will of My Father, that everyone who beholds
the Son and believes in Him, may have eternal life;
and I Myself will raise him up on the last day."

John 6: 35, 38, 40

 

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