Euro Stoxx 50 DAILY CHART - "The partial count of the waves is still holding open the possibility that only part of wave 3 has been put. In that case, it would now be to the four up and there would be a final wave 5 down some arrive. On an hourly basis there is already a Negative Reversal."
The reversal did the job. It can and should be even lower, but for our opinion this is still the tail of the story of the decline. If a lower low is coming with positive divergence, we remain watching for longs. Be careful, the last part of a downwards movement can be worse, you have been warned. If your timing is not well enough for buying possible long positions to arrive it can be painful.
Tomorrow is expiration day, keep in mind, this is after all prices still give a final extra boost ..
DAX DAILY CHART - "A nice increase yesterday, but now we have to go above the 10140-10150 before the picture looks better. When we see prices above 10150 than the 10200 is winkling as heavy resistance. For now so no cheers for the bulls". Picture is still looking good for the time being. The best thing would be that we go yet toward the long-stated 9550 for setting a "final" bottom for the long term.
ES (future S&P500)
HOURLY CHART - "A large negative reversal has already been formed here, which will only be gone at prices above 2020." The index has arrived in strong support area now, there is also positive divergence on the hour chart, not yet on intraday chart. We still continue to expect a bottom in this area.
