DAX: Last updated 09/25/2018.
Last week I concluded “Short term I prefer to see a little more weakness to complete the minor and minute c=a relationships to complete intermediate-a of major-a of Primary-A. Then ideally a bounce for intermediate-b to say the declining 200d SMA before wave-c takes hold to much lower levels and to complete this Primary-A wave.” Which is exactly what we got, albeit price has stalled at the 50d SMA, but right where I anticipated wave-b to go. Yes it can still go higher and become more complicated with this week’s high only wave-a of b, now wave-b of b underway, followed by wave-c of b to that pesky and now firmly declining 200d SMA. You never know in corrections… For now it is still a pattern of lower lows and lower highs, and a bearish SMA setup: 20d<50d<200d. This is NOT a Bull market until proven otherwise!
The monthly chart shows the stakes: below the grey box and 10500 is next, above it and 15000 is next. Given the weak and bleak -down pointing- RSI5 and MACD- the odds are in favor of the Bears (aka lower prices).