Price is still trading towards the lower trend line within wave 5-circled that can represent a final leg within wave C of wave IV). If we are correct, then we know that the downside is limited, so ideally the price will bounce up from round 8600-8800 area. But as always, we need to be careful with a bullish call until we see a five wave rise from the low. Only five waves up and a break above 9610 will confirm a bullish scenario.
German DAX, 4H
Finally, USDCHF has turned sharply to the downside in the last few days, clearly in impulsive price action that can be near completion as the current leg down from 0.9972 looks to be in minor five waves so it’s probably wave 5). That said, be aware of limited downside around 0.9650 from where we expect a bullish turning point, but a trend change can be confirmed only with five waves.
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