The STOX50 gives a reasonable cross section of Europe without having to look at X different exchanges. All have in common and A-B-C rally from the lows and most peak around April of 2011. But some are falling a lot faster than others, the STOX50 is more or less in the middle of the pact. This index contains all the big names such as Shell ,Nestlé, Unilever, Siemens, Deutsche Bank etc.etc. It is somewhat underweight the German companies and overweight the Brits and the Swiss but all in all it is a reasonable proxy for Europe. Notice that we are already below the B-wave level of the A-B-C up .(The Dax is right at that point whereas the SMI, MIB, AEX are below).
Looking at the detail chart this is the only one that still might be making a triangle, - others are also in waves 4 but not triangles - presumable a wave 4 of 3 of the first down leg. Despite the recent rally this drop may not be over yet!