The DAX Performance Indexended marginally positive today as well, still showing relative strength compared to the Euro STOXX 50 and FTSE 100.
The DAX's potential (i)-(ii) setup to the downside shown in red remains valid, but price needs to make a sustained break below the 12630 low to strongly place probabilities in favor of of red wave (iii) of c filling out.
Otherwise, the alternative if the July high is exceeded remains blue wave A off the March bottom still in progress, with 13640 as the next fib resistance above.
The Nikkei continued higher last week, still extending in either blue wave 3 or red wave C. Without any indication of a local top struck yet, it is possible that price wants to continue toward the next fib resistance above at 23575.
The market traded in a tight range today, overall maintaining within the prior trading day's range. Therefore, it has not made a decisive decision yet between the impulsive blue count or the red leading diagonal count off the March low.
However, the red path does seem to have the advantage at the moment, but until price takes out the overnight low at 2746 and more importantly Monday's low at 2711 the blue path still technically has a fighting chance. It is even possible that we chop around in this range longer as red wave (b) of b before rolling over.
Otherwise, a break back above the .
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