Stocks May Bounce After Finding Support In The Near Term
Futures contract on S&P500 found some support recently but most likely only for a short-term as we see price in fourth wave that can stop at former wave four, near 2053, so another leg down could be in the cards before a five wave decline from 2106 is done. On the downside, price may touch 2020 by the end of the week.
S&P500 (June contract) 1h Elliott Wave Analysis
German DAX slowed down with recent bearish waves near 11640 but question is for how long as we see current slow price action as wave (iv) within ongoing weakness of wave C. We expect another low, a fifth wave down that may complete a contra-trend move near 11500. An impulsive bounce from that area will put bullish moves back in play.
DAX (June 2015) 1h Elliott Wave Analysis
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