Weekly Forecast GER 30 index

This is my first forecast of the GER 30 Index but I have been following it in the Trading Room. A few weeks ago I said it needed to put in a 4th wave correction (of the 5th wave). So far we've had a break of the trend line but the correction does not look deep enough for me therefore I expect price to move down some more (see drawing) to at least the next trend line. Once there I'll be looking for a long trade to complete the 5 wave structure on the higher time frame.

I'll update my ideas as they develop
First rule of trading - Protect your capital

Anyone trying to learn Elliott Wave Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link.

You can also follow updates via twitter (link from my TV profile)

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck
Steve Nixon - logicfxtrading