CAC again

cac july 9 2014

The CAC briefly reached a level where it had last traded in November of 2013, some 8 months ago. The loss, from the peak, is now about 5% and this index is sitting on the 200 day moving average. From an EW perspective the interesting thing is that this initial drop can be viewed as a 5-wave affair which itself may be an initial first wave down. Time will tell.