Two Other World Indices That Look Like They Need a Further Decline: $FTSE and $DAX

Because of the mounting risk signals I have been seeing, I have gravitated toward the view that $ES may need to make one more splash to put in this big “E-Wave” of its even bigger “B-Wave” (you may review the look of that decline here). Other world indices look compatible with this, and I will display two of them, the $FTSE and the $DAX.

Here is the $FTSE as I see it:

FTSE

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Couple of Additional Data Points

I’ve been sprinkling my posts today with things I believe are telling us we are bullish here (such as oil, a reference to bitcoin, a reference to Apple’s structure—here, and here). Here’s a couple more.

First, I noted previously that the $DAX suggested markets would go lower (first here, then referred to again here). Now, it’s not moved down impulsively. And so, let’s refine the count. I think we will have to do something like this for it. I think we got a huge impulse down for minor (green) A, then a triangle green B (instead of the great big B here), followed by a tiny green C.

I think it’s now primed for a 1-2-1-2 pump. Or, “The $DAX says Übergehen.” The other count was too obvious and so everyone’s trying to play it and everyone’s going to get blown up.

DAX

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The $DAX Says, “Untergehen”

Unlike the US indices, which show a sloppy, corrective decline beginning in late November, the German $DAX has gifted us with a beautiful impulse wave. And impulse waves never stand alone (unless they are the last leg of a flat, which this is probably not).

And furthermore, it has then gifted us with a far more obvious 3-wave bounce to the expected 50-61.8% retracement of the prior decline. I also believe that its version of the “B-Wave Thesis” places it in an expanding triangle, and it’s quite possible for the 1st and 2nd waves of a big 5-wave decline for minor (green) C to have already been put in. If this is the case, a precipitous selloff should follow.

DAX


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The $DAX: Swing Count, Retracement Zone and Target

The $DAX has entered a retracement zone consistent with a correction of some degree (I have labelled it as an intermediate 2, but that remains to be seen).

In any case, I see a seven-swing overlapping structure from the highs, which is consistent with a correction. It has kissed the 23.6% retracement of the prior advance and is diverging. At a minimum, we may expect a rally from here heading to the orange box above.

DAX

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Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.