Monday, 23 April 2012

DAX 5 waves down

 DAX downward channel is ready to complete all 5 waves. Todays open is pushing towards the lows (now at 6620). This in my opinion is the last wave down before an upward correction. However the fact that we see 5 waves down implies 5 more after a correction. So things remain bearish here. EURUSD is under pressure and the other european indices are falling sharply too. 

AAPL is a stock that will influence greatly NASDAQ and thus the whole market. As expected a new low was made to fulfill the minimum requirement of a 3 wave correction. However my feeling is that it will correct even lower.

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