Elliott Waves: Stock Market On The Rise; But Be Aware of Pullbacks

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Hi traders,
S&P500 has been trading in a corrective decline since September of 2018, and it unfolded a three-wave drop within higher degree wave IV). We can see that wave IV) found a base at the 2324 level, from where a new impulsive recovery is unfolding; its known as a continuation of an uptrend, so we assume that new all-time highs can be coming. However, nothing moves in straight line, so be aware of a pullbacks and ideally current rise will look for a temporary limited upside near the 2813 level, where former swing high can react as resistance. Nice support for any reversal lower can be around 2600/2650.

S&P500, Daily


German DAX is trading similar as the S&P500, now ideally unfolding a minimum recovery in three-waves from the 10282 level; move that can resume towards 11700 as first upward objective and then to 12k. Nice support for DAX on any deeper pullbacks can be around the 10800.

German DAX, Daily