In Monday analysis of DAX I pointed out the corrective outlook of the september-octomber up move and the beginning of wave 3 (down) in 27 of octomber.
I also mentioned that the break of the lower border of the channel (T1) will provide confirmation of the scenario. This is very likely to happen today, as the price is currently below T1 and the last days showed bullish weakness.
As wave 3 (blue) will develop, I am looking for wave [iii] to end in the 5,000 area, followed by a kind of broad consolidation forming wave [iv] and finishing with wave [v], well below the mid-september lows. However, this is subject of interpretation and the chart should be re-analysed according to the price action.
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