Spain index doesn't look promising

FX:ESP35   IBEX 35 Index
300 2 1
After a few channels are drawn, i though i see a potential right shoulder forming.
And the potential neckline is the channel support. Whatever it is, since Nov 2007 market top, the price has been in the current downtrend channel . The channel resistance at Aug 2014 makes the channel very very well.
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