if you follow my analyses and my social media channels regularly you know that I was talking about two scenarios regarding the DAX30 since the (blue) four was seemed to be completed:
1) We stick to the plan and finish the job without any detour. At this stage I was talking about 12,300 as a milestone - which I finally got. I closed all my long positions, waiting for something to happen as it still wasn't enough to be a (blue) 5 but the market seemed to be wobbly on its feet. So I had a few options on the table and thought a stretched (blue) 3 may be one of them - obviously I was wrong but that brings me to my second scenario which is, at this stage, more likely;
2) We take a detour below 12,000 as I mentioned on Facebook a few days ago. Strictly speaking, it can actually take us anywhere between 11,500 and 11,200. Anyway, in this case the (blue) 4 was not complete but is now in the making! This scenario makes total sense and wouldn't even harm the overlying, of the DAX30 . It's the long overdue correction in a very overheated market.
Being Short In A Bullmarket
The bottom line is that the market is, overall, still even if we go to the maximum of this correction which would be in the region of 11,200.
However, I took my chances and opened a short position yesterday in my Alvanda Mercury Account - and only in this account as this trade is counter-trend and therefore even more risky.
This correction does the market more good than bad. My target (for the blue 5) still stands: 13,200.