While the AEX decline since the May high looks choppy on the intraday chart, it can be subdivided and counted as 9 sub-waves. And 9 sub-waves is an impulse. If this assessment is correct, which I believe, the implication is that this is the first move down of a larger down trend...

The 7 trading days since the top brings the AEX right at the previously projected first area of support. See image. While the decline looks straight on this chart (like an impulse) on the intraday chart it is actually choppy...

As projected earlier, the AEX did indeed bounce of the upper Jupiter line (red) and is now on its way to the first support region, around 350-355. Fridays spike lower was on higher than average volume (yellow arrow) so this probably  means the decline is not complete...

In the last Unilever article we wrote:

Unilever is approaching a Fibonacci price relationship at 33.30. See chart. Unilever’s uptrend is weakening. One indication of an ending diagonal is decreasing volume (yellow line at bottom). This move will soon be exhausted.

Zooming in (see the updated chart...

The AEX is 1 point away from the upper Jupiter channel line. This line is at 371 on Tuesday, slowly climbing to 372 on Friday. The AEX is in a similar situation as May 2012 where the Lunar Eclipse right after the Solar Eclipse triggered a trend change. See bottom image...

Unilever is approaching a Fibonacci price relationship at 33.30. See chart.
Zooming in (see chart below), Unilever’s uptrend is weakening. One indication of an ending diagonal is decreasing volume (yellow line at bottom). This move will soon be exhausted.

AEX is approaching the next Jupiter channel line (red), that has been a good indicator of turning points in the past. See image below. Today the line stands at 370 and is slowly moving up to 371-372 on May 24-27.

In the bottom of the chart I added the Moon cycle, showing the New Moons (highs) and Fu...

The AEX is completing a large 3-3-5 Flat pattern according to the Elliott wave principle that started at the low in Feb ’09.

A large Fibonacci time ratio indicates a potential turn date at May 10th (in calendar days). The same ratio can be found in the Nasdaq 100. See below.

Zooming in, wave C of ...

The Nasdaq 100 index is now in a Fibonacci time frame between May 7th and May 11th. See chart. This coincides with a Solar eclipse on May 9 (May 10 in Europe).

A good time to take some profits?

AEX, DAX, CAC correlation

It is still a common belief that the AEX follows the DAX. As I have been saying for years now, this is not the case. The AEX follows the CAC much closer than the DAX.

The AEX might have followed the DAX better in the pre-Euro era, since the Guilder was pegged to the DeutchM...