The first: Paris Hilton will be taking over as the resident DJ at Amnesia Ibiza’s Foam and Diamonds Party. And if that is not enough, take a look at the Spanish IBEX 35 chart below. What at first glance looks like a series of ‘W’ patterns that retrace after hitting resistance changes on closer review.
The last ‘W’ on the chart is actually a Bearish Crab Harmonic and carries a Potential Reversal Zone (PRZ) at 9248, about 5% above the current level. This can be played in the US through the Spain iShares ETF, (EWP). And the Crab gives you two plays to look at. First the move up to 9248 and then second the potential reversal which would target a move lower of about 665 points. Great music, celebrities, some dancing and a good return. What is not to like about Spain?
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Two Reasons To Get Into Spain Right Now
Published 08/15/2013, 07:57 AM
Updated 05/14/2017, 06:45 AM
Two Reasons To Get Into Spain Right Now
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