DAX - bounce over or another leg up?

FX:GER30   DAX Index
The arrow posted in my previous article pretty much painted the way forward. Today is the first day in which DAX             had a more pronounced decline. The big question is: is the bounce now over or is there anothe leg up still to come?

Well, DAX             undershot the blue TL which was a perfect world target, so to say. It reversed from close to the 10200 level. And although the decline was quite big, we cannot state for sure that it was an impulse, so we just have to let the market lead for the moment. An overlap of the presumed wave 1 in this structure at 9784 would basically seal the deal for the bears, but that is too far so we need to keep an eye out for the shorter time frames and the appearance of the waves. If this correction turns into 5 waves, then the next bounce would be a nice short.

Interesting is the fact that the DAX             cycles at mcm turned down and started down impulses on all time frames. 10084 was where the dax             started those impulses. So that level is significant. If bulls manage to get the price back above that, that last leg up will gain more weight.

Also an interesting read is the article on ES - it seems longer term cycles are starting to put in resistance there, so I would expect that DAX             , by correlation, would also have a very difficult time to turn back up.

For any questions about the analysis at mcm, please feel free to contact me at

Good luck!
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