Elliott Wave Analysis On SP500 And German DAX
S&P500 is in a pullback mode of a higher degree which is having a corrective personality because of small overlaps. This can be wave 2 that can be looking for a support around 2060. As such, we see current retracement down as temporary move within larger uptrend that may continue in the next 24 hours. We would change the view only if price would decline sharply back to 2000 figure which is now very far away.
German DAX is already back at the highs after the market made only a three wave set-back; a zigzag that completed wave 4) at 10480 at the start of last week. We are now tracking a new bullish impulse, which is wave 5 that can move even up to 11300-11400 area but after minor correction that can find a support around 10850-10900 area in the next few sessions
German DAX, 4H
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