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
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