Stocks Now at Support; S&P500 and German DAX Are Aiming Higher!

Intermediate

SP500 is turning south from the 2958 level where wave 5) of 3 has finished, and put a corrective wave 4 in play. We see choppy price activity within that pullback, now also reaching an important gap zone from April 1st which may cause a bounce. Also, index has retraced back into the area of a former wave four where current fourth wave of a higher degree may as well slow down. If we are correct, then we will see a new shift to the upside soon

S&P500, 4h

S&P500 Chart

Dax can be trading similar.

DAX made a sharp reversal, so wave 3 can be finally finished about what we talked last week when market moved up into its sub-wave five. If we are on the right track, then a three-wave setback is now here; ideally wave four down to 12000-11900 support.

German DAX, 4h

German DAX Chart

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