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Stocks Indexes Are Down Today- Looking At SP500 and German DAX

E-mini S&P500 is also falling with German DAX, now breaking the support channel line, so it appears that big triangle on the S&P500 is still in play. On the intraday chart below we are tracking wave E) that can move into 2060-2070 support area this week. We expect a bounce from that region after a three wave set-back.

S&P500 (Sep 2015) 30min Elliott Wave Analysis

S&P500 (Sep 2015) 30-minute Elliott Wave Analysis Chart

Stocks indexes are down today, with DAX breaking towards 10800 area which has been in view for the last few days as we anticipated a fifth wave down, final leg that can complete a larger impulsive decline this week. As such, we need to be aware of a bounce in days ahead, maybe already from around current levels as price trades into some important Fibonacci support zone.

DAX (Sep 2015) 1h Elliott Wave Analysis

DAX (Sep 2015) 1-hour Elliott Wave Analysis Chart

 


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