The S&P has a wedge pattern from 1918 refereed as an ending diagonal in wave five so bearish reversal can follow in the next few sessions for a new three wave decline, this time into a fourth wave of a higher degree.
S&P500 (Dec 2014) 1h Elliott Wave Analysis
Stocks are higher today, but on DAX we see only a three wave bounce from around 8832 so we suspect that move is corrective. We see it as wave b) that is part of incomplete three wave decline that is unfolding away from 9095. With that in mind, wave c) is still in view for a push back to 8800 before we may continue to look up again.
DAX 1h Elliott Wave Analysis
