The DAX rally in the past couple of weeks changed the Elliott Wave count ( http://markettechnicalview.blogspot.com/2011/11/dax-technical-analysis-20111123.html) but I still maintain the bearish outlook on medium term (a few months) as long as early may highs (7,580) remain intact.
The new count points to a cluster zone between the 6,820 and 7,010 levels that is due to happen somewhere around mid-January. I expect though, this whole move up started in mid-September to count as a corrective wave 2 (blue). The [c] wave will probably develop in 5 sub-waves as shown in the chart.
No comments:
Post a Comment