Until new lows i will considerate this movement as part of wave iv. The minor wave ii lasted 16 days, so this countertrend maybe will have 8/10 days to developing. I will expected an complex pattern like a triangle or some kind of wedge. Open shorts last nigth at 714 and already close it with gains :).
These waves iv's are hard to recognize the pattern but i expect, as usual, a complex pattern like a triangle. Until new lows i will considerate this movement like a wave iv. Close my shorts with losses :(.
The minor wave iv is developing. Possible targets between 740 and 780 points.
So, as i suspected during this morning, wave IV is developing. Since minor wave 1 was higher than wave 3 i will give 3 alternative counts for DAX. With this rebound i believe that this principal wave V is doing some king of abcde correction.
Targets to have attention: 4055 (38 % retrace) and 4175 (50 % retrace).
An alternative count for spx. With the DAX strong i must have an alternative count but confirmation of the possible wave IV only with a new higher high.
DAX continues strong so maybe this is the wave IV...or maybe not :). Two different counts but now seams that this is the wave IV less strong than expected.
Everybody believe in a rebound and everbody wants to catch a bottom. This is nice for the bears :). Crasy days... SPX close in the lows of the session and VIX fell 3 %. We need more blood and more panic, if not SPX will have a slow death.
Only a new higher high turns this wave like IV but i don't believe in this upside.
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