Two Reasons to Get into Spain Right Now

• Posted by Greg Harmon
• on August 15th, 2013

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’ 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?

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