International Markets - Continued

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What Happened on Thursday?

• A sharp drop on Thursday reversed strong gains on Wednesday. In the last premium newsletter, I commented that Fed’s Day gains are typically reversed the next day. It happened again.

• It seems that the focus is no longer on inflation and the Fed and that bad economic data is no longer good for stocks. There has been a change in market character. We shall see.

• Friday's economic data release may cause some additional volatility.

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Notice: Parts of EWQ analysis did not show up properly yesterday, so we are repeating it today with some additional analysis.

EWQ – French Market ETF

• Continuing the series of International/European markets, today I will show the French market ETF prospects.

• EWQ has a 40W target of 35+/-1.9, which will be hard to invalidate, IMO, despite the bounce in progress.

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EWQ Cycles

• The daily cycles are not clear, but the 3 dominant cycles extracted from the weekly chart send a clear message.

EWQ Technical Analysis

• EWQ likely topped in Primary-B in May.

• The black Elliott Wave count is my best guess/interpretation of the wave structure. Because of the gap, I allow for the alternate blue count.

• Notice a negative divergence in RSI at the top in May.

• The ECB cut the rate in June. European markets usually trend down after the first ECB rate cut.

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