European Indices Marginally Higher
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The FTSE was flat again today, so still not much to add yet. A break below last week's low remains needed to confirm wave c of (iv) underway and heading to the 7810 - 7735 target range below. Otherwise, any break back above last week's high would force me to consider that wave (v) of c has already started.
The STOXX closed marginally higher today, but for now remains below the prior high on the week. If the near-term bearish path as an expanded flat wave iv is going to play out, then price should maintain below Monday's low moving forward and head below 15360 to increase odds that wave (c) of iv is filling out. Otherwise, any break above Monday's high would more likely be another extension in wave (v) of iii.
The DAX closed higher today as well, coming a little bit closer to a retest of Monday's high compared to the STOXX. If price does break above Monday's high, then it would likely be another extension in wave (v) of iii. Otherwise, if more immediately bearish as an expanded flat wave iv in progress, then price should maintain below Monday's low moving forward and head below 15360 to increase odds that wave (c) of iv is filling out.
