European Indices Trade Mixed

By Garrett Patten

Aug 12, 2021 - 10:58 PM EDT

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 Euro STOXX 50 continued to climb higher today, still cooperating with expectations that wave 3 of iii is filling out. There remains room for more near-term upside to reach the ideal target fib at 4270, before the next corrective consolidation as wave 4 of iii is seen. Therefore, as long as price is above 4185, further upside is expected.

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.

$UKX-FTSE - Micro - Aug-12 1957 PM (1 hour)

$UKX-FTSE - Micro - Aug-12 1957 PM (1 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

Free 15-Day Trial

• S&P 500 Wave Analysis
• Gold, Silver, Oil & US Dollar Reports
• Stocks, Options, Cryptocurrencies & more
• Live Coaching & Webinars

OUR MEMBERS SAY ...

I live Finance. 80hrs a week corp finance. I trade as a hobby and in my opinion this is the best site in the world for someone to learn about markets... i rue the day when it is no more or its core is changed. there is NO BETTER SITE IN THE WORLD to get the off-cuff input/feedback/knowledge across ALL MARKETS like this site... Thank you to the analysts here who grind out thousands of charts each week.
"GibsonDog" - Trading Room

My faith in God and my faith in Avi and his team. God lead me to this service over 10 years ago. For a decade I have heard Avi point his bat at this very moment in time calling this S&P level. Though the years I have witnessed him point his bat months, even years before metals hit their highs and lows with almost perfect big picture accuracy. Against every other analysts opinion. I have seen him bullied relentlessly on his public articles on SA and stick to his guns and proven so correct with no one ever apologizing or admitting he called it.
"sdmavrick" - Seeking Alpha

My AUM has grown exponentially because of you and I can't thank you enough. My biggest regret is not signing up sooner! You've done more good than you will ever know.
"AAMilne" - Trading Room

I’ve subscribed for 5 years now and I have to say I see that you’ve been right on this the whole time. Who would’ve thought gold and silver would’ve rallied with rates this high for this long and the markets continued higher as well. Always thought your charts were good but always thought in the back of my mind that rate cuts and other news actually led. So now that I’ve admitted defeat u are free to gloat. Well deserved
"Lil_G" - Seeking Alpha

I worked on trading desks at top investment banks for 10 years, then traded on my own for another 8. I've seen 100s of research from the best analysts in the business. Avi and EWT is the only one I'm willing to pay for right now.
"tzeyi" - Seeking Alpha

CNBC had a stat this morning that over the last 20 years 86% of money managers/hedge funds have underperformed the market. They couldn't figure out why that’s the case given how 'smart' these people are. . . . I know my performance since joining the site has skyrocketed!
"HenryH" - Trading Room

At times like these, I want to express my hearfelt thanks to the whole analyst team and especially to Avi, for superb and timely guidance & insight as well as mental support :) A trading/ market analysis service just does not get better than this one is.
"Silverado" - Trading Room

I've been managing money since 1981 and ... I've never seen anyone handle fibs like him [Avi].
"halburris" - Seeking Alpha

This is literally the greatest advisory service - bar none.
"MJK" - Trading Room

I’m convinced, EW theory is THE best way to approach markets for investing/trading. Whether you’re scalping micro moves, day trading swing trading or long term investing, EW always has you covered. Most people have a lens or a way they view the market but how consistent over time is it? For myself I like fractals and have made life changing trades off them. But as my trading days add up [and] the value of EW becomes clearer, especially when coupled with fib #s, I have to give credit to you Avi for this!
"bullhammer" - Trading Room

No Javascript Detected

The unfortunate reality of the internet requires us to run JavaScript to try and detect bot attacks. This form will not go through unless you enable JavaScript and allow reCAPTCHA from Google servers.