WTI ended its streak of nine bullish days in a row. It ended quite brutally with a huge bearish candle. The price is currently reversing but this is just a small take profit action from sellers and the main movement (fall) should continue. Well, at least it usually does, judging by past activity on this instrument. The reversal didn’t happen in a random place. Sellers used the 50% Fibonacci and the resistance created by the lows from the beginning of the June.
SP500 is approaching a place where we have a combination of several strong supports. We have an up trend line and two horizontal; mid-term, 2420 points (green) and long-term, 2405 points (grey). Once the price gets there, we have to look closely for some proper price action. Any bullish reversal pattern can be a good start for a new bullish wave.
DAX is doing much worse than its American counterparts. Here, the price broke the up trendline and is currently attacking the long-term support at 12350 points. In theory, this is a nice place to buy, but so far, we don’t have any signals from technical analysis so patient traders would do well to wait, with their fingers ready of course.