Welcome back to my blog dear visitors, I enjoy so much my tour to Amsterdam, Brussel, Paris, Rome and Munich. A lots of things to see to admire and to think about.
Back to the market forecast, I admit that my Elliott counting for wave 5 extended and a short-term target at 1494.00 was not correct. Instead, bears had done a good job to keep prices under a consolidation and correction for last 12 days. Now with yesterday's low at 1430.64 approaching the lower line of the rising channel initiated from 1266.74 - June 4, approaching the support Moving Average 50 and met with the lower Bollinger Bands 20/2, bears' duties expected going to finish and a rebound is imminent.
If a rebound happens today and the price could print around or more than 0.50%, I expect the first target of bulls could be 1455.00.
If the prices close in red, the lower-line of the rising channel as well as the MA50 are critical supports.