The XETRA DAX formed two dojis on Monday and Tuesday and also today the daily pattern is indication some indecision. I am expecting a move back down at least to 6900 maybe also back down to the lower trendline around 6800. If this trendline does not hold the DAX will maybe retest 6350.
The EUROSTOXX 50 looks a little bit extended and maybe it is forming a shorter term top around 2850 to 2860. The 61.8% retracement of the last move up is around 2780. There is also another Fibonacci level around this level and I think we will retest this maybe even before Christmas.
The ATX stopped at a rising trendline which started at the high from October '09 and touched the high from April. The ATX looks overbought and I think a move back to 2700 is very reasonable.
The SMI is still forming a potential bear flag which looks similar to the action in the EUROSTOXX 50, but the EUROSTOXX 50 is consolidating in form of a bearish wedge. Today the SMI has formed a reversal candlestick and if the rising trendline around 6350 breaks we could see a fast move down to 5940.
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