European Markets: STOXX & FTSE Close Higher

The EURO STOXX 50 Index closed higher today, but is still trading below last week's high.  As long as price remains below there, there is still the potential for one more low as wave 5 of v if needed. If price does attempt another low from here, 3965 is now the next fib support below to watch, otherwise a break back above last week’s high is needed to open the door to a bottom already in place. 

The FTSE 100 closed higher today, trying to curl up from last week's low. If price has bottomed in wave (b), then a break above the 4th wave high at 7430 is ultimately needed as confirmation. Otherwise, the concern now is that price is getting dangerously close to retesting the August low, a break below which would invalidate wave (b) and the pullback off the September high being corrective. That would open the door to more bearish options, one of which is heading back toward 7050 at least.

The DAX Performance Index closed pretty much flat today, so nothing new to add yet. Price stretched a little lower last week, so far trying to fill out one more final 4^th and 5^th wave as discussed may be needed before reattempting a bottom as wave c of 4. There is still the potential for one more low to be seen as wave v of (v) with 14410 as the next main fib support below. Otherwise, any sustained break back above last week’s high at this point opens the door to a bottom in place.