I expect we haven't seen all downside for stockmarkets. The AEX has finished an intermediate uptrend from 200 to 360. Since that high we have seen the first leg lower delivering a lower low at 301 and the first countertrend (2) has just finished at 331. Expect the intermediate downtrend to resume its path lower (3,4 and 5) for a final target at 280. This is the 50% retracementlevel of the 200-360 upmove. Given the weak economic outlook for the developed world a 50% retracement after such a strong upmove looks quite likely to me.
