Good morning traders. World stocks are still rising in attempt to offset recent loses. Daily calendar has two major news. One for the EU and that is German CPI which measures inflation and the other is in the US, the PCE index with home sales and personal spending. Today we will observe the DAX. German stock index is currently in the corrective pullback phase, after price completed a nice five wave rise from 9201 lows. We know that after every five wave rise, a three wave contratrend movement follows. So based on that, we now are still missing two sub-waves of this correction, before price can again move higher.
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German DAX, 30Min