Today 1/19/17 the DAX completed an Elliott wave Expanding Flat wave (II) up. Please see " Elliott Wave Principle" pages 46-47. Wave "a" of this structure was itself an Expanding Flat. Wave "c" was an Ending Diagonal Triangle. Please see EWP pages 36-39.
The DAX activity today is just part of the global stock market topping.
FTSE 100 (UKX) today made another post all-time high decline low. While this drop can still be counted as wave "4" down from the December - January rally, it is a little on the large size relative to the supposed wave "2". One more down day will shift the probabilities that this decline is wave "1" down of a new bear market.
In US trading the NDX made a new all-time high that was unconfirmed by all three main US stock indices an all secondary stock indices. It was confirmed by only the Technology sector ETF- XLK.
US stocks look like they could rally on 1/20/17 Presidential inauguration. If there are clear signal I will have an SPX opening call post.
Mark
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look4edge
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hi, Mark, looks interesting, however, to me seems longer complex correction as w4 running, started with zigzag A from top, whrere u have II could be a ob B finished....