The big break lower today suggests a possible top is in. If it is im gonna mege peed off as i shorted the year end contract at 5450 when the cash price was 5598 :-(
However, the bullish count still remains valid as we finished strong at the end of the US session. Ive altered the labelling of a zigzag down and have a expanding triangle wave B. Tomorrow again is key to see whether the bearshave taken control.
As usual i'll draw the bearish count on the Dax as it counts so well. We've had a wave 1-2-3 and the retrace back up has done 38.2 of wave 3 to possibly complete wave 4. The low tested the bottom trendline on the weekly charts from the March lows which have yet to be broken on the Dax until other indices. Its bounced off it so will see tomorrow if it can close below it.
I havent put in a s&p chart as you can intepret many counts. Triple top, double top, Flat Wave 4 etc. Until we see a clean finish below 1130 the bulls are still in control
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