CAC40: ECB interest rate decision+Correction

INDEX:CAC   CAC 40 Index
ECB President was very clear. There is yet no sign of growth in Europe and worst, a risk of deflation. Refi interest rate has been lowered, and even on the deposit rate, ECB decided to go to a negative rate, like BoJ did in the past.
One can think that money withdrawn from the saving accounts would go on the market, but the market is very week, with no growth prospect.
CAC40 has been artificialy very high with no reason. QE3 is coming to an end and there is no plan to delay the tappering.
On the other hand, the gentle end of FEd's QE3 and the eventual European Central Banks QE based on ABS as I have mentioned in the past can force us to think that, CAC40 will first face a 3 phase correction.
Then when ECB will announce in September the readiness of the institution to launch a European QE , CAC40 will smoothly start to go up again, virtualy and artificialy with 5500 or 6000 as a headline goal. the trading plan is being made.
But for the time being, the correction may be done in 3 phases. Phase 1 the objective is 4400, Phase 2, after a little pull back, the objective may very much be 4200, and phase 3 should go as low as 4000. After that level, we can consider ourself in a double bottom pattern, or a falling wedge . Double bottom at around 4000 may very much be the chart we would see at the end of the 3rd phase. But all this is to be followed...
Love the chart, I think we need to wait for it to break the significant trend lines as you indicated on your chart.
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