A TOP IN JUNE PART 4

Back to business!

Last year in December, in the beginning of February and in the end of April,
I showed you some charts of the STOXX and the Dj Euro Stoxx50 based on Fibonacci sequence.
Elliott wave analysis with a regression line + 2 std deviations (here is the last one)

This chart suggested that the 5 and final wave will resolve in June 2007 (top)
Now this is a quick update but this time it is a daily chart (zoom).

We can see that the DJ Euro Stoxx 50 was not able to reach new highs and that it recently broken down below an important support.(small triple tops)
I'm not excessively bearish because for now this is just part of a normal correction and not a major reversal.
BUT A BREAK BELOW THE RISING LOWER UPTRENDLINE (ARROW) WILL CHANGE MY VIEW.(+/-3% downside potential left)
MY FIRST IMPRESSION IS THAT I THINK IT IS TOO SOON TO ACCUMULATE STOCKS.