The German DAX traded strongly higher today, finally breaking out above the prior June and July highs and cooperating with expectations that wave 3 of iii is underway. There remains room for more near-term upside to reach the ideal fib target at 16090 before wave 3 of iii completes and price begins the next consolidation phase as wave 4 of iii. A break below 15800 would now be the first warning sign of morphing into something more immediately bearish.
The UK's FTSE 100 curled down slightly today, but potentially as just a micro 4th wave in wave C of iii. If so, then 7180 - 7165 is micro support that should hold in order to turn price back up in wave (5) of C to reach the 7265 fib target above. Otherwise, below 7165 opens the door to the higher degree wave iv already underway and 7120 as the next support level to watch.