Well, it does seem that the 4th wave is in. The bounce from the lows around 9800 did not manage to take out the 1/A low and was strongly rejected after tagging the 10.000 mark. That leaves us with what looks as the first impulsive decline since the 4th wave bounce started at 9300. Which means it's safe to assume that the 4th wave is in and we are now in the 5th wave going down.
Of course, that doesn't mean short immediately. By all appearances, it would seem we might have finished an impulse down, so an a-b-c bounce might be in order. That bounce however should provide a reasonable short opportunity since we know that another impulse down should follow which will take out today's lows.
I believe that bounce could be vicious, maybe as high as to back-test the broken blue TL - close to 10300. That would be a bear gift, in my opinion.
Today's vicious decline was tough on a lot of traders which kept trying to pick a bottom. The dax tools at mcm were amazing today. Top ticked the 10.000 mark as an important pivot and several cycles were warning about impulsing down. The tools never showed a bounce attempt until all the way at 9626. Those signals were worth almost 400 points today. Just amazing! As always feel free to check the site out: mcm-ct.com. And if you have any questions about the tools and analysis feel free to email me at alex@mcm-ct.com.
Good luck out there!
Of course, that doesn't mean short immediately. By all appearances, it would seem we might have finished an impulse down, so an a-b-c bounce might be in order. That bounce however should provide a reasonable short opportunity since we know that another impulse down should follow which will take out today's lows.
I believe that bounce could be vicious, maybe as high as to back-test the broken blue TL - close to 10300. That would be a bear gift, in my opinion.
Today's vicious decline was tough on a lot of traders which kept trying to pick a bottom. The dax tools at mcm were amazing today. Top ticked the 10.000 mark as an important pivot and several cycles were warning about impulsing down. The tools never showed a bounce attempt until all the way at 9626. Those signals were worth almost 400 points today. Just amazing! As always feel free to check the site out: mcm-ct.com. And if you have any questions about the tools and analysis feel free to email me at alex@mcm-ct.com.
Good luck out there!
