Wednesday, 9 May 2012

Bearish wave counts in DAX and S&P

 DAX needs to overcome 6600 to stop short term downward pressures. 6700 is next resistance as 61,8% retracement [possible wave (ii)].
S&P still under pressure below my support line. As mentioned yesterday evening late update, bears are not going to give up easy. The longer the index remains below 1390-80 the more chances it has to go to 1310. 5 waves have been completed in S&P cash. The wave count in futures is not so clear. So we could have seen yesterday wave A (1347-1363). Today we may experience wave B down and then a wave C up towards 1380. As time passes one or the other scenario will gain more chances. Until then 1415 is for sure the bears stop.

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