Short DAX

FX:GER30   DAX Index
876 3 7
Wave 4 in Play : Since the last top its falling down !!
Mostly an ABC correction would follow in wave 4 !!

Expecting levels of 8500 !! After which the start of wave 5 can happen !!
Till FOMC Wave 4 might just move sideways !! And after FOMC most markets will start their downtrend !! Expecting Fed to hike rates !!
I agree with the current wave being a 4 with 5 down coming.

But the question is when will this 4th end? In my opinion there is no evidence to suggest that it's finished. It could still chop side-ways for a while.
Expecting the down move some time next week. It could be before or after FOMC Risk event. Here are some of the levels I'm watching. 1) Wedge holds, EMA 21 currently at 10362. 2) Resistance at 10309 holds. 3) Resistance @10500 or 10582 holds.
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