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Stocks sold off last week…

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Elliott Wave Analysis On SP500 And German DAX

S&P500

Below I am looking at the E-mini S&P500 where price fell to a new intraday low so we assume that's fifth wave of wave C) in progress now that can be headed to 2160/65 area. A turning point from there may follow; ideally in similar fashion like down from 2191 at the start of the week.

S&P500, 1H

S&P500 1-Hour Chart


German DAX

European shares are down sharply today, espeically those from UK as FTSE 100 index falls to 6775 few hours back. DAX also has made a sharp turn down from 10650 resistance which has momentum to reach lower levels. An updated count shows ongoing wave C decline to around 10330 region, where we would expect a bounce; ideally tomorrow.

German DAX, 1H

DAX 1-Hour Chart

 


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