BOTTOM LINE: Whereas yesterday I noted that there was a chance of a run at the highs, today I dare to say that further upside, now that the highs have been breached (yet again), is limited. From now on, I would be very surprised if we make any additional gains in risk and related assets.
The German DAX, shown on the daily chart below, has rallied along the expected and projected line. I believe that the last spurt up from Tuesday 13 October low into the high of today (around 5850 on Dec'09 futures) finishes the structure from the 5 October low.
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