DAX and STOXX Extend Month's Gains
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The DAX Performance Index traded higher today, making another new high on the month and therefore at least still extending in wave (c) of i. However, I have also added the alternative that price is instead further along in wave 5 already, finishing up wave iii of 5.
Either way, price should still be approaching a local top to at least setup a corrective consolidation as red wave iv next. 16250 - 16415 is now the next fib resistance above.
The EURO STOXX 50 closed higher today like the DAX, but in this case only marginally exceeded the prior high on the month. Still, this looks like at least another extension in blue wave (c) of i, with the same alternative added that price is further along in wave 5 already and finishing up wave iii of 5.
4395 - 4425 remains the next fib resistance above.
The FTSE 100 closed lower today, but is still trading above the prior low on the week. As noted, another low from here remains possible before wave C of ii completes, with 7375 as the next fib support as the .618 retrace. Otherwise, an immediate turn back up from here could be either a wider flat B-wave or potentially the start to wave iii already.
