We shall continue updating until such time that we get it wrong, so far at least things are panning out fairly nicely.

Presently the best guess for a peak in wave 2 and the timing is around 13300 – where we reach the wave 4 of previous degree and where c is about equal to a within wave 2 – and either side of next weekend , 14th or 17th of Dec. This assumes that we are in a wedge and are presently nearing the peak of wave 3 with 4 and 5 still to go. Furthermore the RSI needs about another week to get into the “overbought” level from which a turn is more likely. As always, time will tell.

This is little more than a wild , but educated, guess. I am assuming we are in a second wave and that that second wave will be the usual a-b-c. Also, as we lately have so many wedges , I would guess that the c is also going to be a wedge. The whole thing would end up looking like this. Note that the correction has already travelled about 50% of the drop in wave 1 and that 60% is around 13250. These Fibo ratios are useful for making guesses when there is nothing else to go buy, otherwise there is no compelling reason why these levels should be met exactly. Moreover if the experiences of the past are any guide at all, this index will try to get back up as far as possible. The only thing it may not do for this interpretation to stay valid, is move above 13662. As always, we will see.

The DAX has already made a new high as of today!

Now that we have (probable) completed the minor wave b within the a-b-c counter-trend correction wave 2 another likely retracement level would be where c equals a, roughly at 13250, just 40 points above the 62% retracement level calculated earlier. Time is always next to impossible to gauge with any degree of precision but a wild guess would put it at around the middle of December. that is if it gets this high. We will see.