UK FTSE 100 and Germany's DAX Index - Elliott Wave Stock Market Analysis
Stock-Markets / Elliott Wave Theory Sep 30, 2007 - 02:37 AM
Both major stock markets are completing tops , and are about to start multi-week declines.
The London FTSE topped in July, 2007, and since has been tracing out the first two legs of an a- down, b -up, c- down Intermediate degree wave 2 decline. Wave b- up has retraced about 73.6 percent of the decline from July into August. That wave should complete soon. Then a strong decline, wave c- down should begin. A Fibonacci .786 retrace of wave a- down would take the FTSE up as high as 6,554.
Germany's DAX has also failed to exceed its July highs, and is following a similar path as the FTSE. The DAX has retraced 72 percent of the summer decline. A Fibonacci .786 (the quare root of phi, .618) would take the DAX up to 7,945.
Wave c- down into an Intermediate wave 2 bottom could commence as soon as this week, if many of the signals affecting U.S. markets apply to these two indices.
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Comments
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Tamer Gamal
19 Apr 08, 13:50 |
FTSE Analysis
Wave (iii) is the shortest ......Incorrect count. Hammer candles are bottom reversals....not top reversals |
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