UK FTSE not out of the woods yet

If all remains gloomy for Europe, and if fibs dont lie, then there is a high chances FTSE goes lower - it already retraced to 0.5 fib line and 0.618 is sitting quite nicely on a approaching resistance of the current parallel line trend. The current rebound was good enough to have some sideways action at least, so 0.38 and 0.5 seem good levels for that, CCI and RMI have not approached overbought and are still within an uptrend. Surprisingly US markets too above the parallel channel easily, but i dont think Europe will. Lookout for action around this area

The chart for DAX looks the same, so i did not post it