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LONDON'S
FTSE AND GERMANY'S DAX
A Stock Market Elliott Wave Analysis
by Robert
McHugh, Ph.D.
October 1, 2007
Both
major stock markets are completing tops,
and
are about to start multi-week declines. The London
FTSE topped in July, 2007, and since has been tracing out the
first two legs of an a-down,
b-up,
c-down
Intermediate degree wave 2
decline. Wave b-up
has retraced about 73.6 percent of the decline from July into August.
That wave should complete soon. Then a strong decline, wave c-down
should begin. A Fibonacci .786 retrace of wave a-down
would take the FTSE up as high as 6,554.
Germany’s
DAX
has also failed to exceed its July highs, and is following a similar
path as the FTSE. The DAX has retraced 72 percent of the summer decline.
A Fibonacci .786 (the quare root of phi, .618) would take the DAX up to
7,945.
Wave
c-down
into an Intermediate wave 2
bottom could commence as soon as this week, if many of the signals
affecting U.S. markets apply to these two indices.
“Jesus
said to them, “I am the bread of life; he who comes to Me
shall not hunger, and he who
believes in Me shall never thirst.
For I have come down from
heaven.
For this is the will of My
Father, that everyone who beholds
the Son and believes
in Him, may have eternal life;
and I Myself will raise him
up on the last day.”
John 6: 35, 38, 40
Don’t
be without our market coverage during the coming volatile period. Find
out what the deteriorating US Dollar means to markets and to your
finances.
Best
regards,
Robert
McHugh, Ph.D.
© 2007 Robert McHugh, Ph.D.
Editorial Archive and Bio
CONTACT
INFORMATION
Robert McHugh,
Ph.D.
Main Line Investors,
Inc.
TechnicalIndicatorIndex.com
Kimberton, PA USA
Email l Website
The
opinions of FSU contributors do not necessarily reflect those of
Financial Sense.
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