I believe European Equity Indices are close to putting in medium-term bottoms around current levels. Below is an hourly chart of the German DAX, which appears to be in the final stages of a “diagonal” move from mid-May highs of just under 6,600.00 (red “iv”). If correct, the bounce should at least carry us back to 6,600.00, with scope for 6,900.00 and beyond.
This is an hourly chart of the EuroSTOXX 50, where a diagonal also appears to be ending. The correction higher should take us to at least 2300, about 8% above current levels, with a high probability of a move to 2,400.00 and 2,450.00.
Aidyn Kussainov
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