The SX5E is a much narrower index relative to the Stoxx 600 (check out my earlier post) but you get the same bearish conclusion. The SX5E is constrained by a major downtrend line marked by the 2007 and 2015 market tops, it is building somewhat of a expanding megaphone pattern over the last year and a massive MACD divergence from the price action. The last major down swing in Europe lasted for 1 year and I would imagine this down swing to be no different. This year is turning out to be a real dog.