With the new low, its now met the minimum requirements to suggest enough gyrations to complete an impulse wave from the April high (14375). The new low is important as it supports an idea that a major peak is in place at 14375, so after a bounce in 3 waves (will remains below 14375) further weakness is favored towards 12800 or lower.

A move above 13600 is needed to support further upside and suggest a corrective bounce in 3 waves was in progress. Short term holding below 13555 keeps it pointing lower, potentially wave [v] could still see a move towards 13400 – 13350

A good area for a bounce to end is around 13900 – 14000.

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The European tech sector has now made a new high to suggest a completed impulse wave, from not only the 2016 lows (world markets bottom in Feb 2016) as well as the completion of a larger impulse wave that started form the 2009 lows.

So far the DAX has failed to follow the SX8P to new highs, although I am currently watching 2 ideas on the DAX that can either suggest a top is in and a new bear market has started (current rally is the end to an expanded flat for wave 2), or the DAX will make a marginal new all time high to end its respective 5th wave from the 2016 lows. If tech stocks in Europe reverse and decline impulsively to the downside. I favor it also weighs on the other European markets such as the DAX and Euro Stoxx 50.

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The decline from the Feb 2018 highs appears to be suggesting an impulse wave is in progress, I would like to see a new low for a 5th wave. The recent gyrations count as either a 4th wave triangle or a larger pattern for wave 4. A move to new lows under 40.00 would be a good area where we could look to find the end to wave 5 and complete an impulse wave from the Feb 2018 highs. Target new lows for wave 5 whilst its below 52.00.

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The move from 154.88 appears impulsive and counts well as a 5 wave decline, the current advance appears corrective looking, the overlapping waves give credence to a potential bearish setup for a move lower. A strong move under 135.00 then 130.00 and an impulsive decline is needed as the 1st clues to supporting further downside and suggest the advance from 112.53 has ended.

The idea is wrong above 154.88.

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The decline from 110.01 can be counted as a 5 wave decline, so a potential reversal sign to supporting further weakness towards 107.50 or lower. A 3 wave bounce from 108.63 is a bearish sign and can setup for a move lower, a strong move under 108.75 is needed to suggest further weakness.

Remains valid below 110.01.

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