SPAIN: Confluence short, or the art of patience

FX:ESP35   IBEX 35 Index
87 0 0
Second rejection at the same area, after gun the shorts first - including mine- at 10,500.

Another try at 0.764 from 2010 highs to June 2012 lows, upper BB boundary again, and the same diverging momentum, produced a BE weekly candle, just like the one we saw at the end of January.

If will continue down or not, its up to the Blood Moon I guess. Strong support at 10,100-120 area and 9,800 as well. The trend is clearly up and the bottom IH&S has a roughly target above 11,500.

Remember that Spain is borrowing from the markets currently with a lower rate than USA. The fact that it's unemployment level is close to 30%, with the 24-34 ages touching 60%, I guess make the economy stable. Go figure the bankster world we live in...

Last but not least, the need to practice patience is clearly shown at the chart.
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