FTSE and DAX look similar but with important differences in terms of Elliott Wave labeling.
FTSE daily
Recent down move LOOKS like a wave 4, BUT according to EW rules wave 4's CANNOT violate Wave 1's price. So an alternative may be that the move up concluded at 5990 mid March , and now we are either in a Wave 1 down, wave 2 in progress (bull move complete), Wave A down and wave B in progress; which means a wave 3 down (strong) or a Wave C down (also strong).
The DAX is similar BUT the recent downward move has not violated Wave 1 so current move up could be start of Wave 5 up; Is the move up convincing enough?
So there are 3 scenarios.
1. Bull move from December complete, and now in down trend.
2. Bull move from December complete and now in correction ABC with C down wave to come
3. Correction from highs complete and NOW in a move to NEW HIGHS
Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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