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

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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