The DAX might be putting in a major low
The German DAX index seems to be giving the first indication of a bullish reversal today. A double bottom above the 10,800 handle is currently under way on FXCM's GER30 CFD, and this corresponds with a Fibonacci confluence as shown in my chart. It's definitely too early to be sure that a base has been established, but I think the technicals suggest a bullish potential right now. If I'm right, we're probably looking at rallying back up to the 11,200 handle by next week. I'm not big on Elliott Wave theory, but the correction from April's highs seems to be a A-B-C pattern, which suggests a good timing to start forecasting renewed bullish pressures this summer. If there are any Elliott Wave fans out there that have any further input to help me out, don't hesitate to let me know in the comments section below.
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