[Update 8:16PM: China
http://1.bp.blogspot.com/-2JYVNAjsgjA/TWRgss1Sr2I/AAAAAAAAIvw/5KUvBjS7EDA/s1600/cac.png and others suggests the worldwide markets are in for a very bearish selloff.
If it doesn't come to pass then so be it. However huge potential ED patterns such as the CAC are not to be lightly. Europe's banks are under tremendous pressure and France is the bagholder perhaps.
The Wilshire and DOW charts below shows perhaps the squiggles best in that it seems to be an impulse move from the top.
Can we expect a quick wave (ii) bounce to the blue area which coincides with the 50% Fib marker? Not predicting it, but if it happened it would certainly be a normal oversold wave (ii) bounce area.