Feb 11, 2010

DAX-Elliott wave update

Since my last post about DAX  I've changed the wave count a little, but the pattern hasn't changed, just a bit extended. As you see my expectations are for corrective (2) or (B) wave, which is on the half way according to this count.
 Usually I can't afford to suggest and trade corrections, but in this case (bigger time frame) I did it anyway. And ready to cover in emergency around 38.2% Fibo. My trade and picture about  STOXX50 is similar. I don't suggest to get in now, because it's little bit late for long trades now, I mean more risky. Better wait for the bearish train. It promises better short target.  

In daily time frame the tape hasn't change a lot. That is what i do expect. I will make a daily update when the price is closer to the red battle field.  


 Pu/call ratio is up as well, confirming my short term idea.

1 comment:

Anonymous said...

you are doing a great job and therefor many thanks. I think DAX hit the top at (c), so this could be the start of wave (3) if i am correct, just as with the AEX. Please if you have the time could there be an update off the DAX chart, that would be a great help.