The Eurostoxx 50 is in the middle of at least a cycle wave degree C wave, that began towards the end of 2007. Eurozone economies and stock markets have both not recovered as much as US and Asia. This weakness seems to indicate that the degree of this top is larger than the US and Asia – possibly of supercycle or grand supercycle degree. For the weakest of the Eurozone economies such as Greece, Spain or Portugal, this top could be of submillenium (every few hundred years) or millenium (every one to two thousand years) degreee. Both Greece and Spain has an unemployment rate of 27%, and Portugal is not far behind at 18%. It is hard to recall the last time things got so bad for these countries.
Looking at the 5 year chart from the Mar 2009 low we can see that the entire pattern till Aug 2013 can be counted as a series of lower degree a-b-c flats and zigzags.