DAX - Target 7500 - Invalidation 9450 - Short 9200/9300 Stp 9450
DAX has corrected 18% down and it is challenging to see it going lower but I still think this is what is going to happen:
1) Normal correction on the DAX are 10/14% within the lower degree correction.
2) Therefore it is not abnormal to see a 25% correction in total when SP500 has to correct 18%.
3) I am awaiting a correction similar to the one we had in Aug11.
Timing: the next 6 weeks
Note:
wave I from 09 to 11 was 100% up and retraced 61.8%
wave II from 11 to 14 was also 100% and i expect a retracement of 50% in total
1) Normal correction on the DAX are 10/14% within the lower degree correction.
2) Therefore it is not abnormal to see a 25% correction in total when SP500 has to correct 18%.
3) I am awaiting a correction similar to the one we had in Aug11.
Timing: the next 6 weeks
Note:
wave I from 09 to 11 was 100% up and retraced 61.8%
wave II from 11 to 14 was also 100% and i expect a retracement of 50% in total