No Local Tops Confirmed Yet In European Markets

The FTSE 100 turned back down today, keeping the potential (i)-(ii) start to blue wave c of B alive. If that count is going to remain reasonably probable, then price must hold below yesterday's high. Any break above there and I will assume at least the wider flat for wave b shown in red, withe 6375 still as the next fib resistance above.

The EURO STOXX 50 also traded lower today, but has yet to break any significant support in order to assume that red wave B has completed. Below 3275 would be the first evidence of such, with full confirmation below 3180. Until then, it is possible that red wave B of (2) wants to make one more marginally higher high, or even price reaching the measured move fib at 3475 as blue wave v of C.

The DAX Performance Index traded lower today as well, but has yet to break enough support to assume that red wave b of B has completed. A sustained break below 12375 would go a long way toward suggesting a local top in place, with full confirmation below the June lows. Until then, it is possible that red wave b of B wants to make one more marginally higher high, or even price reaching the measured move fib at 13320 as blue wave (v) of c.

$UKX-FTSE - Micro - Jul-07 2036 PM (1 hour)
$UKX-FTSE - Micro - Jul-07 2036 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.