DAX Showing Relative Strength

The DAX Performance Index ended 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.

$DAX-XET - Micro - Sep-01 1919 PM (2 hour)
$DAX-XET - Micro - Sep-01 1919 PM (2 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.