As previously warned the dax looked like a complete A-B-C off the lows. After what looks like an impulsive wave off the highs, we had a rebound which was now almost completely retraced. DAX is testing an interesting TL which held the first impulse down from highs.. if we break that the lower TL comes into focus. Below that the blue B wave low is last line of defense for bulls. Overlapping that would basically confirm the bear set-up which calls for a break of the lows.
Interesting is the character of the market for a september day which looks rather the same - highs in the overnight session of US markets, then lower after US cash opens. Interesting read: mcm-ct.com/blog/character-of-a-composite-day-in-september/
For any questions regarding mcm analysis please contact me anytime at alex@mcm-ct.com