Wednesday, July 22, 2009

The bears are back!

: P

I changed my long term count for the DAX completely: The top in June was Intermediate (A) of Primary [B]. After that, the DAX corrected to 4500 in Intermediate (B). At the beginning of last week, Intermediate (C) started with a final target of 6100 later this or at any time next year. Short term, it seems that the first wave of (C) is completed.

Keep in mind that the DAX hasn't surpassed the high in June yet. Thus the bearish count is technically still valid. But as soon as the DAX makes a new high(i.e. >5177.5), this bullish count should be underway.